Denmark44.6(30.1)
Rest of Europe, Middle East & Africa1,440.2(1,336.7)
North America 1,328.8(1,261.8)
Latin America 564.5(480.8)
Asia Pacific779.5(724.1)
Total 4,157.6(3,833.5)
1 Basis of reporting
This section provides an overview of Novonesis\u2019 principal accounting policies, the critical accounting estimates and judgments applied, and the impact of new or amended IFRS standards and interpretations.
The accounting policies described below apply to the consolidated financial state-ments as a whole. Accounting policies and critical accounting estimates and judgments are described in the notes to which they relate, in order to enhance understanding. The descriptions of accounting policies in the notes form part of the overall description of accounting policies.
Basis of reporting
The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards, as adopted by the EU, and additional requirements of the Danish Financial Statements Act (reporting class D). The financial year for the Group is January 1 \u2013 December 31.
The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, with the
exception of derivatives, securities and con-tingent consideration, which are measured at fair value.
The presentation currency for the consoli-dated financial statements is Euro (EUR).
The accounting policies are unchanged from last year.
ACCOUNTING POLICIES
Consolidation
The consolidated financial statements com-prise the financial statements of Novozymes A/S (the parent company) and subsidiaries controlled by Novozymes A/S, prepared in accordance with Group accounting policies. The Group is referred to as Novonesis.
The statutory merger between Novozymes A/S and Chr. Hansen Holding A/S in 2024 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 Chr. Hansen results were included in the consolidated
financial statements as of the merger date January 29, 2024
The consolidated financial statements are prepared by combining items of a uniform nature and subsequently eliminating inter-company transactions, internal shareholdings and balances, and unrealized intercompany profits and losses.
Translation of foreign currencies
The functional currency of the parent com-pany is Danish Kroner (DKK).
Exchange rate differences arising between the transaction date and the reporting date are recognized as Financial income or Financial expenses.
Foreign currency transactions are translated into the functional currency defined for each company using the exchange rates prevailing at the transaction date.
Monetary items denominated in foreign cur-rencies are translated into the functional cur-rency at the exchange rates prevailing at the reporting date.
Financial statements of foreign subsidiaries are translated at the exchange rates prevail-ing at the reporting date for assets and liabili-ties, and at average exchange rates for income statement items.
The following exchange rate differences, aris-ing from translation using the exchange rate prevailing at the reporting date, are recog-nized in Other comprehensive income:
\u2022\tTranslation of foreign subsidiaries\u2019 net assets at the beginning of the year
\u2022\tTranslation of foreign subsidiaries\u2019 income statements from average exchange rates
iXBRL reporting
Novozymes A/S is required to file its annual report in the European Single Electronic Format (ESEF), and the Annual Report is therefore prepared in the XHTML format, which can be displayed in a standard browser.
The primary statements, the notes in the con-solidated financial statements, and the sus-tainability statements are tagged using inline eXtensible Business Reporting Language (iXBRL).
The iXBRL tags comply with the ESEF taxon-omy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a financial statement line item is not defined in the ESEF taxonomy, an extension to the tax-onomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions that are subtotals.
The Annual Report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certain technical files, all included in a file named Novonesis-2025-12-31-en.zip.
Impact of new accounting standards
Novonesis has adopted the following new or amended standards and interpretations from January 1, 2025:
\u2022\tAmendments to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, which requires an entity to apply a consistent approach to assess-ing whether a currency is exchangeable into another currency and, when it is not, determining the exchange rate to use and the disclosures to provide.
The adoption of the new and amended stand-ards and interpretations has not had a signifi-cant impact on recognition, measurement or disclosures in the consolidated financial statements for 2025, and is not anticipated to have a significant impact on future periods.
The operating segments are consistent with the internal reporting to the Executive Management and the Board of Directors. The Executive Management is considered the chief operating decision-maker.
Segment income and segment expenses are those items that, in the internal manage-ment reporting, are directly attributable to individual segments or can be indirectly allocated to individual segments on a relia-ble basis.
Novonesis produces a wide range of industrial enzymes, functional proteins and microorgan-isms. Net sales include the sale of goods and related services and royalties, and these are recognized at an amount that reflects the consideration to which Novonesis expects to be entitled. Net sales from the straightforward sale of goods to customers are recognized when control of the goods is transferred to the customer, typically when goods are deliv-ered. Variable considerations are included in net sales to the extent that they are not sub-ject to significant uncertainty.
The performance obligations in the contracts are to deliver products to customers, and each batch delivered is considered a separate performance obligation, as each batch is dis-tinct.
Rebates
Products are sometimes sold with a rebate. A rebate agreement can be set up in various ways, but common to all agreements is that net sales are recognized based on the price
specified in the contract, net of the estimated rebate. Rebates are estimated based on expe-rience, as well as information related to expected orders 3\u201312 months in advance. The estimated rebates are reassessed at the end of each reporting period.
Returns
A right of return is granted in a few of Novonesis\u2019 markets. No net sales are recog-nized for the goods expected to be returned, as a refund liability is recognized. Estimates of the expected level of returns are based on analysis of historical returns and knowledge of the relevant markets/products. These esti-mates are updated at the end of each report-ing period. As the goods returned are usually scrapped, no inventory asset is recognized.
Profit split
Novonesis has entered into partnerships where Novonesis manufactures and sells products to a partner who undertakes the sale to end customers. The profit on products sold to end customers is shared between the part-ner and Novonesis, based on predetermined profit-sharing mechanisms.
Net sales from these arrangements consist of the sale of products to the partner and the shared profit, and are recognized in full when the goods are delivered to the partner. This is done by calculating the expected profit based on insights, experience and other input fac-tors. The calculated profit is recognized as a contract asset or contract liability until an invoice is issued. The profit realized is settled periodically.
Sales via agents
Novonesis has entered into commission agreements where agents undertake sales to third parties in return for a commission on realized sales. Net sales from such agree-ments are recognized when the goods are delivered to the end customer, as the nature of the performance obligation is to provide the specified goods.
Other
Net sales collected on behalf of third parties are not recognized as net sales.
Novonesis\u2019 obligation to provide a refund for products that are not of the agreed quality or according to agreed specifications under the standard warranty terms is recognized as con-tract liabilities.
A trade receivable is recognized when the customer obtains control of the goods and an invoice is issued, as this is the point in time when the consideration becomes uncondi-tional and only the passage of time is required before payment is due. Typical payment terms are around 60 days.
Contract liabilities consist of advance pay-ments, deferred sales, and liabilities for refund goods. Contract liabilities are recognized as net sales, as the performance obligations under the contracts are fulfilled.
Almost all performance obligations in Novonesis have an expected term of one year or less, hence, the Group applies the practical expedient not to disclose unsatisfied perfor-mance obligations.
Special items are used in the pres-entation of the income statement and include significant non-recurring indi-vidual income and expenses. These items are classified separately in the income statement to provide transpar-ency regarding the operating perfor-mance of Novonesis.
Special items include significant trans-action and integration costs related to business acquisitions; restructuring expenses and related impairment losses; and expenses related to the implementation of a new global ERP system for the combined business, which are all considered significant non-recurring income or expenses not related to Novonesis\u2019 recurring operating profit.
Corporation tax, comprising the current tax liability, the change in deferred tax for the year, and possible adjustments relating to prior years, is recognized in the income statement, unless it relates to items recog-nized either in Other comprehensive income or directly in equity. Uncertain tax positions are assessed individually and rec-ognized if it is probable that an amount will be paid or received. Deferred tax is meas-ured using the balance sheet liability method, and comprises all temporary differ-ences between the carrying amount and the tax base of assets and liabilities. No deferred tax is recognized for goodwill, unless amortization of goodwill for tax pur-poses is allowed. The tax value of tax loss
carryforwards is included in the calculation of deferred tax, to the extent that the tax losses are expected to be utilized in the future.
Deferred tax is measured according to cur-rent tax rules and at the tax rate expected to be in force on reversal of temporary dif-ferences. Changes in deferred tax due to tax rate changes are recognized in the income statement, unless they relate to items recognized either in Other compre-hensive income or directly in equity.
Novonesis is applying the temporary relief from accounting for deferred taxes, arising from the implementation of the Pillar Two rules issued by the OECD.
Intangible assets are initially measured at cost and are subsequently measured at cost less accumulated amortization and impair-ment losses.
Intangible assets acquired in a business com-bination are recognized at fair value at the acquisition date. Goodwill is only arising from business combinations and is measured in the purchase price allocation.
Research expenses are recognized in the income statement in the period in which they are incurred. Development expenses are rec-ognized in the income statement when incurred, unless the criteria for capitalization are met.
Costs associated with the development of substantial software projects are capitalized if the costs are related to the development of new and improved systems, and if the Group has control and meets the criteria for capitali-zation.
Amortization is based on the straight-line method over the estimated useful lives when the assets are available for use:
\u2022\tTechnology and strain library: 7\u201325 years. The useful lives of patents and trade-marks are normally identical to the patent period. Licenses are amortized over the contractual period
\u2022\tCustomer relationships: 7\u201325 years
\u2022\tSoftware and IT projects: 3\u201310 years
\u2022\tProduct brands: 15\u201320 years
\u2022\tReacquired partnership agreement: 15 years
\u2022\tOther intangible assets: 3\u201320 years
Estimated useful lives and amortization meth-ods are reassessed annually.
Goodwill and intangible assets not available for use are not amortized but are subject to an annual impairment test, or when indicators of impairment are identified.
Goodwill is allocated to the cash-generating units as identified by Management, repre-senting the smallest group of assets which together generate incoming cash flow from the continued use of the assets, and which are independent of cash flow from other assets or groups of assets.
The Group regularly reviews the carrying amounts of the intangible assets, subject to amortization, to determine whether there is an indication of impairment. An impairment loss is measured based on discounted pro-jected cash flows and is recognized to the extent that the carrying amount of the assets exceeds its estimated recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.
Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized.
Assets under construction includes prepay-ments for property, plant and equipment, and assets under construction.
Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:
\u2022\tBuildings: 12\u201350 years
\u2022\tPlant and machinery: 5\u201325 years
\u2022\tOther equipment: 3\u201318 years
The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date. The impact that climate-related mat-ters, including both external factors and internal initiatives, may have on the useful lives of property, plant and equipment is considered as part of the review.
The Group regularly reviews the carrying amounts of its property, plant and equip-ment to determine whether there is any indication of impairment. If any such indica-tion exists, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss. If the recov-erable amount of an asset is estimated to be lower than its carrying amount, the car-rying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.
Lease assets
Lease assets are \u2018right-of-use assets\u2019 from lease agreements. If, at inception, it is assessed that a contract contains a lease, a lease asset is recognized. Lease assets are initially measured at the present value of future lease payments, plus the cost of obli-gations to refurbish the asset. Payments include fixed payments, variable lease pay-ments depending on an index or a rate, and the exercise price of purchase options that are reasonably certain to be exercised.
Lease assets are depreciated using the straight-line method over the shorter of the expected lease term and the useful life of the underlying asset. Lease assets are tested for impairment whenever there is an indication that the assets may be impaired.
Lease assets are depreciated as follows:
\u2022\tBuildings: 1\u201325 years
\u2022\tLand: 10\u201390 years
\u2022\tPlant and machinery: 1\u201310 years
\u2022\tOther equipment: 1\u201310 years
Short-term leases and leases of low value are recognized as expenses in the income state-ment on a straight-line basis over the lease term.
Novonesis\u2019 portfolio of leases covers leases of land, buildings, plant and machinery, and other equipment, such as cars and transpor-tation containers.
Lease liabilities
Lease liabilities are initially recognized at the present value of future lease payments, including payments from extension or pur-chase options that are considered reasonably certain to be exercised.
The lease liability is measured using the implicit borrowing rate in the contracts or, where this is not available, the marginal bor-rowing rate in the countries in which Novonesis operates. Novonesis applies a sin-gle discount rate to portfolios of leases in the countries in which Novonesis operates, based on contract currency and loan periods.
If a lease contract is modified, the lease liabil-ity is remeasured. For building leases, lease terms are estimated, taking the size of the building and its strategic importance into consideration. Novonesis has entered into several open-ended building leases and building leases with extension options. Lease terms of such agreements are estimated based on the strategic importance of the buildings and the estimated time frame nec-essary to vacate the premises. The estimated lease term is reassessed at each reporting date. The estimated lease terms for such contracts do not exceed 25 years.
Inventories are measured at the lower of cost determined on a first-in first-out basis and net realizable value.
The cost of work in progress and finished goods comprises direct production costs such as raw materials and consumables; energy and labor directly attributable to production; and indirect production costs such as employee expenses, maintenance, and depreciation of plants, etc.
Indirect production costs are assessed on an ongoing basis to ensure reliable meas-urement of employee expenses, capacity utilization, cost drivers, and other relevant factors.
If the expected selling price, less any com-pletion costs and expenses to execute the sale (net realizable value) of inventories, is lower than the carrying amount, inventories are written down to net realizable value.
Novonesis has entered into a few agree-ments where Novonesis supplies goods to a customer\u2019s premises but retains title to the inventory until the goods are consumed in the customer\u2019s production. As long as Novonesis retains title to the goods, they are recognized as inventory.
Trade receivables are measured at amortized cost less allowance for life-time expected credit losses.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and days past due. Furthermore, an allowance for lifetime expected credit losses for trade receivables is recognized on initial rec-ognition.
Trade receivables are written off when all possible options have been exhausted and there is no reasonable expectation of recovery.
The expense of allowances for expected credit losses and write-offs for trade receivables is recognized in Sales and distribution expenses.
Business combinations are accounted for using the acquisition method. The purchase price includes the consideration trans-ferred, shares issued and fair value at the acquisition date of any contingent consid-eration arrangement.
The purchase price is allocated to the iden-tifiable assets and liabilities, non-controlling interests in the acquiree and contingent lia-bilities assumed, which are measured at fair value at the date of acquisition by applying relevant valuation methods.A reacquired right is recognized separately from goodwill. Contract terms that are favorable or unfavorable relative to current market transactions are accounted for as the settlement of a pre-existing relation-ship.
Goodwill is initially measured at cost, being the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed.
If, on the acquisition date, there are any uncertainties with respect to identifying or measuring the acquired net assets, the ini-tial recognition will be made on the basis of estimated fair values. The estimated fair values may be adjusted or additional assets or liabilities may be recognized during the measurement period of up to 12 months, to reflect new information that becomes avail-able about conditions prevailing on the acquisition date. Such adjustments are made to the initial purchase price allocation as a restatement of prior information, including to the amount of goodwill.
Acquisition-related costs are expensed as incurred, except if related to the issue of equity securities.
Financial income and Financial expenses comprise interest income and interest expenses; realized and unrealized foreign exchange gains and losses; gains and losses on other finan-cial assets; and fair value adjustments of cash-settled share-based incentive programs.
Interest income and Interest expenses are measured at amortized cost for financial assets and liabilities.
Financial income and Financial expenses also include fair value adjust-ments of derivatives used to hedge assets and liabilities, and income and expenses relating to cash flow hedges that are transferred from Other com-prehensive income on realization of the hedged item.
Hedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings, respectively. Derivatives are recognized at the transaction date.
Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial expenses. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries
are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income.
Income and expenses relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other comprehensive income when the hedged transaction occurs. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income or Financial expenses, and electricity price agreements covering production-related electricity are recognized as part of Cost of goods sold.
The Group has established share-based incentive programs, comprising equity-set-tled and cash-settled programs.
The fair value of the employee services received in exchange for the grant of share options and performance shares is meas-ured with reference to the fair value of the share options and performance shares granted. The fair value of share options is measured using the Black\u2013Scholes option-pricing model.
The fair value of share-based payment at the grant date is recognized as an employee expense over the period in which the share options and performance shares vest. In measuring the fair value of the
employee services, account is taken of the number of employees expected to gain entitlement to the options and performance shares, as well as the number of options and performance shares the employees are expected to gain. This estimate is adjusted at the end of each reporting period, such that only the number of options and perfor-mance shares to which employees are enti-tled or expected to be entitled is recog-nized.
The value of equity-settled programs is rec-ognized in equity. The value of cash-settled programs, which are recognized as Other liabilities, is adjusted to fair value at the end of each reporting period, and the subse-quent adjustment is recognized in the income statement under Financial income or Financial expenses.
The consolidated statement of cash flows, which is compiled using the indirect method, shows cash flows from operating, investing and financing activities, and the Group\u2019s cash and cash equivalents at the beginning and end of the year.
Cash flow from operating activities com-prises net profit adjusted for non-cash items, paid financial items, corporate income tax paid, and change in working capital.
Cash flow from investing activities com-prises payments relating to the acquisition and sale of companies and non-controlling interests, intangible assets, and property, plant and equipment.
Cash flow from financing activities com-prises proceeds from borrowings, repay-ment of principal on interest-bearing debt, repayment of lease liabilities, payment of div-idends, proceeds from share issues, and the sale of treasury shares and other securities.
Cash and cash equivalents comprise cash at bank and in hand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__42": { "value": "Basis of reporting
The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards, as adopted by the EU, and additional requirements of the Danish Financial Statements Act (reporting class D). The financial year for the Group is January 1 \u2013 December 31.
The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, with the
exception of derivatives, securities and con-tingent consideration, which are measured at fair value.
The presentation currency for the consoli-dated financial statements is Euro (EUR).
The accounting policies are unchanged from last year.
ACCOUNTING POLICIES
Consolidation
The consolidated financial statements com-prise the financial statements of Novozymes A/S (the parent company) and subsidiaries controlled by Novozymes A/S, prepared in accordance with Group accounting policies. The Group is referred to as Novonesis.
The statutory merger between Novozymes A/S and Chr. Hansen Holding A/S in 2024 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 Chr. Hansen results were included in the consolidated
financial statements as of the merger date January 29, 2024
The consolidated financial statements are prepared by combining items of a uniform nature and subsequently eliminating inter-company transactions, internal shareholdings and balances, and unrealized intercompany profits and losses.
Translation of foreign currencies
The functional currency of the parent com-pany is Danish Kroner (DKK).
Exchange rate differences arising between the transaction date and the reporting date are recognized as Financial income or Financial expenses.
Foreign currency transactions are translated into the functional currency defined for each company using the exchange rates prevailing at the transaction date.
Monetary items denominated in foreign cur-rencies are translated into the functional cur-rency at the exchange rates prevailing at the reporting date.
Financial statements of foreign subsidiaries are translated at the exchange rates prevail-ing at the reporting date for assets and liabili-ties, and at average exchange rates for income statement items.
The following exchange rate differences, aris-ing from translation using the exchange rate prevailing at the reporting date, are recog-nized in Other comprehensive income:
\u2022\tTranslation of foreign subsidiaries\u2019 net assets at the beginning of the year
\u2022\tTranslation of foreign subsidiaries\u2019 income statements from average exchange rates
iXBRL reporting
Novozymes A/S is required to file its annual report in the European Single Electronic Format (ESEF), and the Annual Report is therefore prepared in the XHTML format, which can be displayed in a standard browser.
The primary statements, the notes in the con-solidated financial statements, and the sus-tainability statements are tagged using inline eXtensible Business Reporting Language (iXBRL).
The iXBRL tags comply with the ESEF taxon-omy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a financial statement line item is not defined in the ESEF taxonomy, an extension to the tax-onomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions that are subtotals.
The Annual Report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certain technical files, all included in a file named Novonesis-2025-12-31-en.zip.
Critical accounting estimates and judgments
The preparation of the consolidated financial statements requires Management to make estimates and assumptions that can have a significant effect on the application of poli-cies and the reported amounts of assets, lia-bilities, income, expenses and related disclo-sures.
The table shows critical accounting estimates and judgments, and their level of potential impact on the consolidated financial state-ments. The level of impact is rated from low to high, based on an assessment of material-ity, complexity, subjectivity and estimation uncertainty. The nature of the accounting
impact of critical accounting estimates and judgments is described in the notes to which they relate.
The application of the Group\u2019s accounting policies may require Management to make judgments that can have a significant effect on the amounts recognized in the consoli-dated financial statements.
Management judgment is required in particu-lar when assessing the substance of transac-tions that have a complicated structure or legal form.
These critical accounting estimates and judgments could potentially have a signifi-cant impact on the consolidated financial statements.
The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in estimates may be necessary if there are changes in the circumstances on which the estimate was based, or if more detailed infor-mation becomes available. Such changes are recognized in the period in which the esti-mate in question is revised.
Sustainability-related risks
Novonesis continuously monitors sustainabili-ty-related risks \u2013 including climate-related
risks \u2013 and evaluates whether these risks could materially affect the amounts reported in the consolidated financial statements, most significantly considered in the forecast applied as basis for impairment testing of goodwill (note 3.1) and the assessment of the useful lives of property, plant and equipment (note 3.2).
In 2025, we conducted a Double Materiality Assessment (DMA) in accordance with the requirements of the Corporate Sustainability Reporting Directive (CSRD). As part of the DMA, we assessed the potential financial effects of significant sustainability-related risks and opportunities. The assessment did not identify any significant impacts on the Group\u2019s financial position, including the carry-ing amounts of assets and liabilities.
For further details on the process, please refer to the Double Materiality Assessment section in the Sustainability statement.
Other significant risks
The potential impact of significant risks iden-tified as part of our risk management frame-work (Global political and economic uncer-tainty, see page 46), is also considered when preparing the consolidated financial state-ments, most significantly considered in the forecast applied as basis for impairment testing of goodwill (note 3.1). Our current assessment is that our business model, with a diversified business portfolio, flexible, global production, and regional co-creation capabilities, enables us to navigate macroe-conomic volatility effectively, also in times of uncertainty.
Note | Critical accounting estimates and judgments | Estimate/ Judgment | Potential impact from estimates and judgments |
2.2 Net sales | Revenue recognition | Estimate | Low |
2.4 Special items | Classification of special items | Judgment | Low |
3.1 Goodwill and other intangible assets | Valuation of goodwill and intangible assets | Estimate | High |
3.6 Business acquisitions | Fair value measurement | Estimate | Medium |
The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, with the
exception of derivatives, securities and con-tingent consideration, which are measured at fair value.
The presentation currency for the consoli-dated financial statements is Euro (EUR).
The accounting policies are unchanged from last year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__37": { "value": "Consolidation
The consolidated financial statements com-prise the financial statements of Novozymes A/S (the parent company) and subsidiaries controlled by Novozymes A/S, prepared in accordance with Group accounting policies. The Group is referred to as Novonesis.
The statutory merger between Novozymes A/S and Chr. Hansen Holding A/S in 2024 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 Chr. Hansen results were included in the consolidated
financial statements as of the merger date January 29, 2024
The consolidated financial statements are prepared by combining items of a uniform nature and subsequently eliminating inter-company transactions, internal shareholdings and balances, and unrealized intercompany profits and losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__38": { "value": "Translation of foreign currencies
The functional currency of the parent com-pany is Danish Kroner (DKK).
Exchange rate differences arising between the transaction date and the reporting date are recognized as Financial income or Financial expenses.
Foreign currency transactions are translated into the functional currency defined for each company using the exchange rates prevailing at the transaction date.
Monetary items denominated in foreign cur-rencies are translated into the functional cur-rency at the exchange rates prevailing at the reporting date.
Financial statements of foreign subsidiaries are translated at the exchange rates prevail-ing at the reporting date for assets and liabili-ties, and at average exchange rates for income statement items.
The following exchange rate differences, aris-ing from translation using the exchange rate prevailing at the reporting date, are recog-nized in Other comprehensive income:
\u2022\tTranslation of foreign subsidiaries\u2019 net assets at the beginning of the year
\u2022\tTranslation of foreign subsidiaries\u2019 income statements from average exchange rates
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__39": { "value": "Translation of foreign currencies
The functional currency of the parent com-pany is Danish Kroner (DKK).
Exchange rate differences arising between the transaction date and the reporting date are recognized as Financial income or Financial expenses.
Foreign currency transactions are translated into the functional currency defined for each company using the exchange rates prevailing at the transaction date.
Monetary items denominated in foreign cur-rencies are translated into the functional cur-rency at the exchange rates prevailing at the reporting date.
Financial statements of foreign subsidiaries are translated at the exchange rates prevail-ing at the reporting date for assets and liabili-ties, and at average exchange rates for income statement items.
The following exchange rate differences, aris-ing from translation using the exchange rate prevailing at the reporting date, are recog-nized in Other comprehensive income:
\u2022\tTranslation of foreign subsidiaries\u2019 net assets at the beginning of the year
\u2022\tTranslation of foreign subsidiaries\u2019 income statements from average exchange rates
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__40-1": { "value": "Critical accounting estimates and judgments
The preparation of the consolidated financial statements requires Management to make estimates and assumptions that can have a significant effect on the application of poli-cies and the reported amounts of assets, lia-bilities, income, expenses and related disclo-sures.
The table shows critical accounting estimates and judgments, and their level of potential impact on the consolidated financial state-ments. The level of impact is rated from low to high, based on an assessment of material-ity, complexity, subjectivity and estimation uncertainty. The nature of the accounting
impact of critical accounting estimates and judgments is described in the notes to which they relate.
The application of the Group\u2019s accounting policies may require Management to make judgments that can have a significant effect on the amounts recognized in the consoli-dated financial statements.
Management judgment is required in particu-lar when assessing the substance of transac-tions that have a complicated structure or legal form.
These critical accounting estimates and judgments could potentially have a signifi-cant impact on the consolidated financial statements.
The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in estimates may be necessary if there are changes in the circumstances on which the estimate was based, or if more detailed infor-mation becomes available. Such changes are recognized in the period in which the esti-mate in question is revised.
Sustainability-related risks
Novonesis continuously monitors sustainabili-ty-related risks \u2013 including climate-related
risks \u2013 and evaluates whether these risks could materially affect the amounts reported in the consolidated financial statements, most significantly considered in the forecast applied as basis for impairment testing of goodwill (note 3.1) and the assessment of the useful lives of property, plant and equipment (note 3.2).
In 2025, we conducted a Double Materiality Assessment (DMA) in accordance with the requirements of the Corporate Sustainability Reporting Directive (CSRD). As part of the DMA, we assessed the potential financial effects of significant sustainability-related risks and opportunities. The assessment did not identify any significant impacts on the Group\u2019s financial position, including the carry-ing amounts of assets and liabilities.
For further details on the process, please refer to the Double Materiality Assessment section in the Sustainability statement.
Other significant risks
The potential impact of significant risks iden-tified as part of our risk management frame-work (Global political and economic uncer-tainty, see page 46), is also considered when preparing the consolidated financial state-ments, most significantly considered in the forecast applied as basis for impairment testing of goodwill (note 3.1). Our current assessment is that our business model, with a diversified business portfolio, flexible, global production, and regional co-creation capabilities, enables us to navigate macroe-conomic volatility effectively, also in times of uncertainty.
Note | Critical accounting estimates and judgments | Estimate/ Judgment | Potential impact from estimates and judgments |
2.2 Net sales | Revenue recognition | Estimate | Low |
2.4 Special items | Classification of special items | Judgment | Low |
3.1 Goodwill and other intangible assets | Valuation of goodwill and intangible assets | Estimate | High |
3.6 Business acquisitions | Fair value measurement | Estimate | Medium |
Novonesis has entered into various sales agreements, including agree-ments where Novonesis manufactures and sells products to a partner who undertakes the sales to end custom-ers, and where the profit on products sold to end customers is shared between the partner and Novonesis, based on predetermined profit-sharing mechanisms.
Recognition of net sales requires esti-mates by Management in connection with determining the appropriate reve-nue recognition and the timing of rec-ognition.
The use of special items entails Management judgment in the separa-tion from other items in the income statement.
Management considers individual items in order to ensure that special items include significant non-recurring income or expenses not related to Novonesis\u2019 recurring operating profit.
Management assesses the risk of impair-ment of the Group\u2019s goodwill and intangible assets. This requires judgment in relation to the identification of impairment indicators and cash-generating units (CGUs), and the underlying assumptions applied in impair-ment testing.
Goodwill is allocated to our operating seg-ments Food & Health Biosolutions and Planetary Health Biosolutions, based on the expected future cash flow from the assets acquired, as well as synergies identified.
Goodwill and intangibles not available for use are tested annually.
Impairment tests are based on Management\u2019s projections and the antici-pated net present value of estimated future cash flows (value-in-use).
The calculation of value-in-use is based on the discounted cash flow method, using estimates of future cash flows from the continuing use. The key parameters used in determining value-in-use are sales growth, adjusted EBITDA margins, discount rate, and growth expectations for the terminal period.
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 cus-tomer relationships, reacquired partnership agreement, patents 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 par-ticularly 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 intangible assets acquired:
\u2022\tReacquired partnership agreement: the Multi-period Excess Earnings Method (MEEM)
\u2022\tCustomer relationships: the Allowed Margin Method
\u2022\tProduct 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 pro-jections, valuation period, discount factor, as well as churn and royalty rates.Useful life for the reacquired partnership agreement is 15 years, equivalent to the estimated useful life of the feed enzymes in the Alliance at the acquisition date.
Fair value of inventories is based on the expected selling price less costs to com-plete and a reasonable margin.
Management has engaged external experts to support the purchase price allocation and fair value assessment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__45": { "value": "Impact of new accounting standards
Novonesis has adopted the following new or amended standards and interpretations from January 1, 2025:
\u2022\tAmendments to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, which requires an entity to apply a consistent approach to assess-ing whether a currency is exchangeable into another currency and, when it is not, determining the exchange rate to use and the disclosures to provide.
The adoption of the new and amended stand-ards and interpretations has not had a signifi-cant impact on recognition, measurement or disclosures in the consolidated financial statements for 2025, and is not anticipated to have a significant impact on future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__46": { "value": "Impact of new accounting standards
Novonesis has adopted the following new or amended standards and interpretations from January 1, 2025:
\u2022\tAmendments to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, which requires an entity to apply a consistent approach to assess-ing whether a currency is exchangeable into another currency and, when it is not, determining the exchange rate to use and the disclosures to provide.
The adoption of the new and amended stand-ards and interpretations has not had a signifi-cant impact on recognition, measurement or disclosures in the consolidated financial statements for 2025, and is not anticipated to have a significant impact on future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__47": { "value": "New standards and interpretations not yet adoptedThe International Accounting Standards Board (IASB) has issued new or amended IFRS Accounting Standards and Interpretations that have not yet become effective and have consequently not been implemented in the consolidated financial statements for 2025. Novonesis expects to adopt these accounting standards and interpretations as they become mandatory. Except for IFRS 18 \u2013 Presentation and Disclosure in Financial Statements, none of these are expected to have a significant impact on the consolidated financial statements.IFRS 18 \u2013 Presentation and Disclosure in Financial Statements, with effective date on or after January 1, 2027, sets out require-ments for presentation and disclosure of financial statements to give investors more transparent and comparable information about financial performance. Novonesis\u2019 initial assessment indicates that IFRS 18 will not impact recognition, measurement or net profit. The most significant change identified is that Novonesis\u2019 operating profit will be impacted, as certain items, such as some for-eign exchange adjustments and hedging cur-rently presented as financial items, will be presented in operating activities under IFRS 18. IFRS 18 impacts the cash flow statement by changing the starting point \u2018net profit\u2019 to \u2018operating profit\u2019, and by presenting interest income as investing activities, and interest expense as financing activities. Furthermore, new disclosures will be added in respect of management-defined performance measures.", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__48": { "value": "2.1 Segments\t
Operating segments
Novonesis operates in two segments: Food & Health Biosolutions and Planetary Health Biosolutions, representing the entirety of the Group\u2019s operations.
Segment profitability is measured on the basis of adjusted EBITDA. Management does not receive reporting on assets and liabilities by reporting segments.
The activities in the two segments include manufacturing, sales, distribution, and research and development. There are no internal sales between the two segments.
Food & Health Biosolutions
Food & Health Biosolutions consists of two sales areas: Food & Beverages and Human Health.
Food and Beverages biosolutions include sus-tainable enzymes and microbes for dairy, bak-ing, beverages, meat, plant-based and func-tional foods, with the aim to improve the taste, texture, appearance and nutritional profile, while helping customers lower expenses and enhance quality.
Human Health biosolutions include probiotics, enzymes, HMOs and specialized proteins to support evolving health and nutritional needs, addressing areas like gut wellness, immune support, women\u2019s health, infant health, and mental wellness through clinically docu-mented ingredients and solutions.
Planetary Health Biosolutions
Planetary Health Biosolutions consists of two sales areas: Household Care and Agriculture, Energy & Tech.
Household Care biosolutions utilizes sustaina-ble enzymes in detergents and cleaning prod-ucts to enhance efficacy, allowing for superior washing and cleaning results with fewer harsh chemicals and lower wash temperatures.
In Agriculture, Energy & Tech, sustainable biosolutions help improve resource efficiency in industrial processes and livestock produc-tion, driving higher yields from fewer resources. Biosolutions also allow farmers to boost crop yields and strengthen climate resilience.
2025 | 2024 | ||||||
EUR million | Food & Health Biosolutions | Planetary Health Biosolutions | Total | Food & Health Biosolutions | Planetary Health Biosolutions | Total | |
Net sales | 1,867.3 | 2,290.3 | 4,157.6 | 1,668.1 | 2,165.4 | 3,833.5 | |
Cost of goods sold | |||||||
(878.4) | (1,037.7) | (1,916.1) | (1,008.9) | (1,015.1) | (2,024.0) | ||
Gross profit | 988.9 | 1,252.6 | 2,241.5 | 659.2 | 1,150.3 | 1,809.5 | |
Gross margin | % | 53.0 | 54.7 | 53.9 | 39.5 | 53.1 | 47.2 |
Adjusted EBITDA | |||||||
669.4 | 873.9 | 1,543.3 | 586.7 | 800.3 | 1,387.0 | ||
Adjusted EBITDA margin | |||||||
% | 35.8 | 38.2 | 37.1 | 35.2 | 37.0 | 36.2 | |
Depreciation, amortization and impairment losses | |||||||
(596.9) | (597.4) | ||||||
Special items, excluding impairment losses | |||||||
(65.9) | (104.7) | ||||||
PPA inventory adjustments | |||||||
(63.8) | (183.9) | ||||||
Operating profit (EBIT) | |||||||
816.7 | 501.0 | ||||||
Share of result in associates | |||||||
(6.5) | (3.5) | ||||||
Financial items, net | |||||||
(66.8) | (80.4) | ||||||
Profit before tax | 743.4 | 417.1 |
Worldwide operations
The Group operates in four geographical regions: Europe, Middle East & Africa (EMEA), North America, Asia Pacific and Latin America. From a net sales perspective, the U.S. is the largest single country, contributing ~29% of the Group\u2019s net sales (2024: ~30%).
The geographical distribution of net sales is based on the country in which the goods are delivered. For a number of customers, central deliveries are made to specified locations, and the final destination is unknown. The stated geographical distribution of net sales may therefore vary from one year to the next if delivery destinations for these customers change.
The geographical distribution of intangible assets and property, plant and equipment is based on the country in which the individual entities are based, and to which assets are allocated.
Most of the Group\u2019s intangible assets and property, plant and equipment are located in Denmark and the U.S.
Intangible assets and property, plant and equipment, largest single countries: | 2025 | 2024 |
Denmark | 49% | 50% |
U.S. | 22% | 25% |
Net sales 2025 (2024)
EUR million
Denmark44.6(30.1)
Rest of Europe, Middle East & Africa1,440.2(1,336.7)
North America 1,328.8(1,261.8)
Latin America 564.5(480.8)
Asia Pacific779.5(724.1)
Total 4,157.6(3,833.5)
Intangible assets and property,
plant and equipment 2025 (2024)
EUR million
Denmark 6,837.3(6,435.0)
Rest of Europe, Middle East & Africa2,414.2 (2,104.2)
North America 3,135.5 (3,296.5)
Latin America 713.0 (332.3)
Asia Pacific986.7(824.5)
Total 14,086.7(12,992.5)
Net investments 2025 (2024)
EUR million
Denmark 191.3 (163.5)
Rest of Europe, Middle East & Africa25.2 (25.6)
North America 157.6(125.8)
Latin America 16.7(6.2)
Asia Pacific60.3(37.9)
Total 451.1(359.0)
Accounting policies
The operating segments are consistent with the internal reporting to the Executive Management and the Board of Directors. The Executive Management is considered the chief operating decision-maker.
Segment income and segment expenses are those items that, in the internal manage-ment reporting, are directly attributable to individual segments or can be indirectly allocated to individual segments on a relia-ble basis.
Worldwide operations
The Group operates in four geographical regions: Europe, Middle East & Africa (EMEA), North America, Asia Pacific and Latin America. From a net sales perspective, the U.S. is the largest single country, contributing ~29% of the Group\u2019s net sales (2024: ~30%).
", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__49-1": { "value": "Net sales 2025 (2024)
EUR million
Denmark44.6(30.1)
Rest of Europe, Middle East & Africa1,440.2(1,336.7)
North America 1,328.8(1,261.8)
Latin America 564.5(480.8)
Asia Pacific779.5(724.1)
Total 4,157.6(3,833.5)
2.2 Net sales\t
EUR million | 2025 | 2024 |
Food & Health Biosolutions | ||
Food & Beverages | 1,372.5 | 1,238.2 |
Human Health | 494.8 | 429.9 |
1,867.3 | 1,668.1 | |
Planetary Health Biosolutions | ||
Household Care | 801.2 | 767.7 |
Agriculture, Energy & Tech | 1,489.1 | 1,397.7 |
2,290.3 | 2,165.4 | |
Net sales | 4,157.6 | 3,833.5 |
Developed markets* | 2,641.0 | 2,484.4 |
Emerging markets | 1,516.6 | 1,349.1 |
Net sales | 4,157.6 | 3,833.5 |
Net sales to the five largest customers as a percentage of net sales | 14% | 16% |
*\tDeveloped markets comprises North America, Central Western Europe, Australia, New Zealand, Japan and South Korea. The rest of the world is classified as emerging markets.
Almost all of Novonesis\u2019 net sales are derived from the sale of goods to customers, with net sales being recognized when control of the goods is transferred to the customer, typically when the goods are delivered.
At January 1, 2025, contract liabilities amounted to EUR 128.1 million (2024: EUR 29.1 million), of which EUR 22.1 million was recog-nized as net sales in 2025 (2024: EUR 8.9 mil-lion). Contract liabilities include a large prepay-ment from a customer made in 2024, and the remaining part of this prepayment will be rec-ognized as sales in 2026-2033. Contract liabili-ties are EUR 105.9 million at December 31, 2025.
Critical accounting estimates
Novonesis has entered into various sales agreements, including agree-ments where Novonesis manufactures and sells products to a partner who undertakes the sales to end custom-ers, and where the profit on products sold to end customers is shared between the partner and Novonesis, based on predetermined profit-sharing mechanisms.
Recognition of net sales requires esti-mates by Management in connection with determining the appropriate reve-nue recognition and the timing of rec-ognition.
Accounting policies
Novonesis produces a wide range of industrial enzymes, functional proteins and microorgan-isms. Net sales include the sale of goods and related services and royalties, and these are recognized at an amount that reflects the consideration to which Novonesis expects to be entitled. Net sales from the straightforward sale of goods to customers are recognized when control of the goods is transferred to the customer, typically when goods are deliv-ered. Variable considerations are included in net sales to the extent that they are not sub-ject to significant uncertainty.
The performance obligations in the contracts are to deliver products to customers, and each batch delivered is considered a separate performance obligation, as each batch is dis-tinct.
Rebates
Products are sometimes sold with a rebate. A rebate agreement can be set up in various ways, but common to all agreements is that net sales are recognized based on the price
specified in the contract, net of the estimated rebate. Rebates are estimated based on expe-rience, as well as information related to expected orders 3\u201312 months in advance. The estimated rebates are reassessed at the end of each reporting period.
Returns
A right of return is granted in a few of Novonesis\u2019 markets. No net sales are recog-nized for the goods expected to be returned, as a refund liability is recognized. Estimates of the expected level of returns are based on analysis of historical returns and knowledge of the relevant markets/products. These esti-mates are updated at the end of each report-ing period. As the goods returned are usually scrapped, no inventory asset is recognized.
Profit split
Novonesis has entered into partnerships where Novonesis manufactures and sells products to a partner who undertakes the sale to end customers. The profit on products sold to end customers is shared between the part-ner and Novonesis, based on predetermined profit-sharing mechanisms.
Net sales from these arrangements consist of the sale of products to the partner and the shared profit, and are recognized in full when the goods are delivered to the partner. This is done by calculating the expected profit based on insights, experience and other input fac-tors. The calculated profit is recognized as a contract asset or contract liability until an invoice is issued. The profit realized is settled periodically.
Sales via agents
Novonesis has entered into commission agreements where agents undertake sales to third parties in return for a commission on realized sales. Net sales from such agree-ments are recognized when the goods are delivered to the end customer, as the nature of the performance obligation is to provide the specified goods.
Other
Net sales collected on behalf of third parties are not recognized as net sales.
Novonesis\u2019 obligation to provide a refund for products that are not of the agreed quality or according to agreed specifications under the standard warranty terms is recognized as con-tract liabilities.
A trade receivable is recognized when the customer obtains control of the goods and an invoice is issued, as this is the point in time when the consideration becomes uncondi-tional and only the passage of time is required before payment is due. Typical payment terms are around 60 days.
Contract liabilities consist of advance pay-ments, deferred sales, and liabilities for refund goods. Contract liabilities are recognized as net sales, as the performance obligations under the contracts are fulfilled.
Almost all performance obligations in Novonesis have an expected term of one year or less, hence, the Group applies the practical expedient not to disclose unsatisfied perfor-mance obligations.
2.2 Net sales\t
EUR million | 2025 | 2024 |
Food & Health Biosolutions | ||
Food & Beverages | 1,372.5 | 1,238.2 |
Human Health | 494.8 | 429.9 |
1,867.3 | 1,668.1 | |
Planetary Health Biosolutions | ||
Household Care | 801.2 | 767.7 |
Agriculture, Energy & Tech | 1,489.1 | 1,397.7 |
2,290.3 | 2,165.4 | |
Net sales | 4,157.6 | 3,833.5 |
Developed markets* | 2,641.0 | 2,484.4 |
Emerging markets | 1,516.6 | 1,349.1 |
Net sales | 4,157.6 | 3,833.5 |
Net sales to the five largest customers as a percentage of net sales | 14% | 16% |
*\tDeveloped markets comprises North America, Central Western Europe, Australia, New Zealand, Japan and South Korea. The rest of the world is classified as emerging markets.
Almost all of Novonesis\u2019 net sales are derived from the sale of goods to customers, with net sales being recognized when control of the goods is transferred to the customer, typically when the goods are delivered.
At January 1, 2025, contract liabilities amounted to EUR 128.1 million (2024: EUR 29.1 million), of which EUR 22.1 million was recog-nized as net sales in 2025 (2024: EUR 8.9 mil-lion). Contract liabilities include a large prepay-ment from a customer made in 2024, and the remaining part of this prepayment will be rec-ognized as sales in 2026-2033. Contract liabili-ties are EUR 105.9 million at December 31, 2025.
Critical accounting estimates
Novonesis has entered into various sales agreements, including agree-ments where Novonesis manufactures and sells products to a partner who undertakes the sales to end custom-ers, and where the profit on products sold to end customers is shared between the partner and Novonesis, based on predetermined profit-sharing mechanisms.
Recognition of net sales requires esti-mates by Management in connection with determining the appropriate reve-nue recognition and the timing of rec-ognition.
Accounting policies
Novonesis produces a wide range of industrial enzymes, functional proteins and microorgan-isms. Net sales include the sale of goods and related services and royalties, and these are recognized at an amount that reflects the consideration to which Novonesis expects to be entitled. Net sales from the straightforward sale of goods to customers are recognized when control of the goods is transferred to the customer, typically when goods are deliv-ered. Variable considerations are included in net sales to the extent that they are not sub-ject to significant uncertainty.
The performance obligations in the contracts are to deliver products to customers, and each batch delivered is considered a separate performance obligation, as each batch is dis-tinct.
Rebates
Products are sometimes sold with a rebate. A rebate agreement can be set up in various ways, but common to all agreements is that net sales are recognized based on the price
specified in the contract, net of the estimated rebate. Rebates are estimated based on expe-rience, as well as information related to expected orders 3\u201312 months in advance. The estimated rebates are reassessed at the end of each reporting period.
Returns
A right of return is granted in a few of Novonesis\u2019 markets. No net sales are recog-nized for the goods expected to be returned, as a refund liability is recognized. Estimates of the expected level of returns are based on analysis of historical returns and knowledge of the relevant markets/products. These esti-mates are updated at the end of each report-ing period. As the goods returned are usually scrapped, no inventory asset is recognized.
Profit split
Novonesis has entered into partnerships where Novonesis manufactures and sells products to a partner who undertakes the sale to end customers. The profit on products sold to end customers is shared between the part-ner and Novonesis, based on predetermined profit-sharing mechanisms.
Net sales from these arrangements consist of the sale of products to the partner and the shared profit, and are recognized in full when the goods are delivered to the partner. This is done by calculating the expected profit based on insights, experience and other input fac-tors. The calculated profit is recognized as a contract asset or contract liability until an invoice is issued. The profit realized is settled periodically.
Sales via agents
Novonesis has entered into commission agreements where agents undertake sales to third parties in return for a commission on realized sales. Net sales from such agree-ments are recognized when the goods are delivered to the end customer, as the nature of the performance obligation is to provide the specified goods.
Other
Net sales collected on behalf of third parties are not recognized as net sales.
Novonesis\u2019 obligation to provide a refund for products that are not of the agreed quality or according to agreed specifications under the standard warranty terms is recognized as con-tract liabilities.
A trade receivable is recognized when the customer obtains control of the goods and an invoice is issued, as this is the point in time when the consideration becomes uncondi-tional and only the passage of time is required before payment is due. Typical payment terms are around 60 days.
Contract liabilities consist of advance pay-ments, deferred sales, and liabilities for refund goods. Contract liabilities are recognized as net sales, as the performance obligations under the contracts are fulfilled.
Almost all performance obligations in Novonesis have an expected term of one year or less, hence, the Group applies the practical expedient not to disclose unsatisfied perfor-mance obligations.
Novonesis produces a wide range of industrial enzymes, functional proteins and microorgan-isms. Net sales include the sale of goods and related services and royalties, and these are recognized at an amount that reflects the consideration to which Novonesis expects to be entitled. Net sales from the straightforward sale of goods to customers are recognized when control of the goods is transferred to the customer, typically when goods are deliv-ered. Variable considerations are included in net sales to the extent that they are not sub-ject to significant uncertainty.
The performance obligations in the contracts are to deliver products to customers, and each batch delivered is considered a separate performance obligation, as each batch is dis-tinct.
Rebates
Products are sometimes sold with a rebate. A rebate agreement can be set up in various ways, but common to all agreements is that net sales are recognized based on the price
specified in the contract, net of the estimated rebate. Rebates are estimated based on expe-rience, as well as information related to expected orders 3\u201312 months in advance. The estimated rebates are reassessed at the end of each reporting period.
Returns
A right of return is granted in a few of Novonesis\u2019 markets. No net sales are recog-nized for the goods expected to be returned, as a refund liability is recognized. Estimates of the expected level of returns are based on analysis of historical returns and knowledge of the relevant markets/products. These esti-mates are updated at the end of each report-ing period. As the goods returned are usually scrapped, no inventory asset is recognized.
Profit split
Novonesis has entered into partnerships where Novonesis manufactures and sells products to a partner who undertakes the sale to end customers. The profit on products sold to end customers is shared between the part-ner and Novonesis, based on predetermined profit-sharing mechanisms.
Net sales from these arrangements consist of the sale of products to the partner and the shared profit, and are recognized in full when the goods are delivered to the partner. This is done by calculating the expected profit based on insights, experience and other input fac-tors. The calculated profit is recognized as a contract asset or contract liability until an invoice is issued. The profit realized is settled periodically.
Sales via agents
Novonesis has entered into commission agreements where agents undertake sales to third parties in return for a commission on realized sales. Net sales from such agree-ments are recognized when the goods are delivered to the end customer, as the nature of the performance obligation is to provide the specified goods.
Other
Net sales collected on behalf of third parties are not recognized as net sales.
Novonesis\u2019 obligation to provide a refund for products that are not of the agreed quality or according to agreed specifications under the standard warranty terms is recognized as con-tract liabilities.
A trade receivable is recognized when the customer obtains control of the goods and an invoice is issued, as this is the point in time when the consideration becomes uncondi-tional and only the passage of time is required before payment is due. Typical payment terms are around 60 days.
Contract liabilities consist of advance pay-ments, deferred sales, and liabilities for refund goods. Contract liabilities are recognized as net sales, as the performance obligations under the contracts are fulfilled.
Almost all performance obligations in Novonesis have an expected term of one year or less, hence, the Group applies the practical expedient not to disclose unsatisfied perfor-mance obligations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__53": { "value": "Rebates
Products are sometimes sold with a rebate. A rebate agreement can be set up in various ways, but common to all agreements is that net sales are recognized based on the price
specified in the contract, net of the estimated rebate. Rebates are estimated based on expe-rience, as well as information related to expected orders 3\u201312 months in advance. The estimated rebates are reassessed at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__54": { "value": "Sales via agents
Novonesis has entered into commission agreements where agents undertake sales to third parties in return for a commission on realized sales. Net sales from such agree-ments are recognized when the goods are delivered to the end customer, as the nature of the performance obligation is to provide the specified goods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__56-1": { "value": "2.3 Employee expenses
EUR million | 2025 | 2024 |
Wages and salaries | 914.2 | 851.1 |
Pensions | 84.0 | 74.0 |
Other social security costs | 62.9 | 58.2 |
Other employee expenses | 48.5 | 41.8 |
Share-based payment | 20.4 | 28.8 |
Employee expenses | 1,130.0 | 1,053.9 |
Recognized in the income statement under the following items: | ||
Cost of goods sold | 415.6 | 408.3 |
Sales and distribution expenses | 309.4 | 264.1 |
Research and development expenses | 244.5 | 221.6 |
Administrative expenses | 133.3 | 130.3 |
Special items | 9.9 | 35.1 |
1,112.7 | 1,059.4 | |
Change in employee expenses recognized in Inventories | 17.3 | (5.5) |
Employee expenses | 1,130.0 | 1,053.9 |
Average number of employees in the Group | 11,196 | 10,208 |
Average number of employees working with research and development | 1,805 | 1,689 |
Employee expenses included severance pay, retention bonuses and other employee expenses of EUR 9.9 million (2024: EUR 35.1 million) related to the combination between Novozymes and Chr. Hansen, recognized in Special items. Reference is made to Note 2.4 for further details.
Number of employees at year-end 2025 (2024)
No. of employees
Denmark 5,104(4,645)
Rest of Europe, Middle East & Africa 1,296(1,236)
North America 2,100 (1,991)
Asia Pacific 2,411 (2,141)
Latin America 730 (569)
Total 11,641 (10,582)
Employee expenses 2025 (2024)
EUR million
Denmark 572.4(546.3)
Rest of Europe, Middle East & Africa 128.5(113.3)
North America 281.5 (263.3)
Asia Pacific 111.6 (100.7)
Latin America 36.0 (30.3)
Total 1,130.0 (1,053.9)
5.1 Management remuneration
2025 | 2024 | |||||||
EUR million | Board of Directors | Executive Management | Other executive vice presidents | Total | Board of Directors | Executive Management | Other executive vice presidents | Total |
Salaries and other short-term benefits | 1.7 | 2.7 | 5.2 | 9.6 | 1.8 | 2.6 | 5.2 | 9.6 |
Defined contribution plans | 0.3 | 0.5 | 0.8 | 0.3 | 0.5 | 0.8 | ||
Cash bonus | 3.3 | 4.8 | 8.1 | 4.5 | 5.7 | 10.2 | ||
Expensed share-based incentive programs | 2.6 | 4.2 | 6.8 | 2.3 | 4.4 | 6.7 | ||
Remuneration | 1.7 | 8.9 | 14.7 | 25.3 | 1.8 | 9.7 | 15.8 | 27.3 |
Sign-on bonus | - | 1.9 | 1.9 | 0.4 | 0.1 | 0.5 | ||
Severance cost | - | 2.4 | 2.4 | - | - | - | ||
Remuneration including additional payments | 1.7 | 8.9 | 19.0 | 29.6 | 1.8 | 10.1 | 15.9 | 27.8 |
Number of members at December 31 | 12 | 2 | 6 | 20 | 13 | 2 | 7 | 22 |
Novonesis\u2019 Remuneration Policy sets the general guidelines for the remuneration of the Board of Directors and the Executive Management, and is approved at the Annual General Meeting.
Details on the policy and a summary of the Management remuneration can be found in the Governance section of the Annual Report.
Board of Directors
The remuneration of the Board of Directors comprises a fixed fee and is not incen-tive-based.
Executive Leadership Team
By the end of 2025, the Executive Leadership Team consisted of eight members, of which the CEO and CFO together comprise the Executive Management, appointed by the Board of Directors and registered with the Danish Business Authority. The Executive Leadership Team is categorized as key man-agement personnel.
Members of the Executive Leadership Team receive fixed remuneration comprising a base salary, pension and benefits. Furthermore, sig-nificant proportions of their remuneration packages are variable and based on perfor-mance-related pay, through short- and
long-term incentives. The incentive programs are balanced to ensure focus on both short-term and long-term value creation. They are designed to incentivize performance against selected financial, environmental, social and operational key performance indicators and individual objectives, which are directly linked to Novonesis\u2019 strategy, and to incentivize long-term value creation and alignment with the long-term interests of shareholders, customers and other stakeholders.
In 2024 and 2025, the cash bonus includes one-off bonuses to the Executive Leadership Team related to the combination of Novozymes and Chr. Hansen.
Members of the Executive Leadership Team have contracts of employment containing standard conditions for executives of Danish listed companies, including the periods of notice that both parties are required to give, and non-competition clauses. If an executive officer\u2019s contract of employment is terminated by the company without any misconduct on the part of the executive officer, the executive officer has a notice period of 12 months. In addition to the notice period, the executive officer has a right to termination compensation of 12 months\u2019 base salary and pension contribu-tions.
2.3 Employee expenses
EUR million | 2025 | 2024 |
Wages and salaries | 914.2 | 851.1 |
Pensions | 84.0 | 74.0 |
Other social security costs | 62.9 | 58.2 |
Other employee expenses | 48.5 | 41.8 |
Share-based payment | 20.4 | 28.8 |
Employee expenses | 1,130.0 | 1,053.9 |
Recognized in the income statement under the following items: | ||
Cost of goods sold | 415.6 | 408.3 |
Sales and distribution expenses | 309.4 | 264.1 |
Research and development expenses | 244.5 | 221.6 |
Administrative expenses | 133.3 | 130.3 |
Special items | 9.9 | 35.1 |
1,112.7 | 1,059.4 | |
Change in employee expenses recognized in Inventories | 17.3 | (5.5) |
Employee expenses | 1,130.0 | 1,053.9 |
Average number of employees in the Group | 11,196 | 10,208 |
Average number of employees working with research and development | 1,805 | 1,689 |
Employee expenses included severance pay, retention bonuses and other employee expenses of EUR 9.9 million (2024: EUR 35.1 million) related to the combination between Novozymes and Chr. Hansen, recognized in Special items. Reference is made to Note 2.4 for further details.
Number of employees at year-end 2025 (2024)
No. of employees
Denmark 5,104(4,645)
Rest of Europe, Middle East & Africa 1,296(1,236)
North America 2,100 (1,991)
Asia Pacific 2,411 (2,141)
Latin America 730 (569)
Total 11,641 (10,582)
Employee expenses 2025 (2024)
EUR million
Denmark 572.4(546.3)
Rest of Europe, Middle East & Africa 128.5(113.3)
North America 281.5 (263.3)
Asia Pacific 111.6 (100.7)
Latin America 36.0 (30.3)
Total 1,130.0 (1,053.9)
Recognition of amortization and impairment losses by function 2025 (2024)
EUR million
Cost of goods sold 153.4 (181.7)
Sales and distribution106.0 (68.4)
Research and development 73.6 (49.5)
Administration7.3 (5.2)
Special items0.0 (53.3)
Total340.3 (358.1)
Recognition of depreciation by function 2025 (2024)
EUR million
Cost of goods sold 191.3(176.6)
Sales and distribution14.6 (11.5)
Research and development 34.3(30.3)
Administration16.4 (20.9)
Total256.6 (239.3)
2.3 Employee expenses
EUR million | 2025 | 2024 |
Wages and salaries | 914.2 | 851.1 |
Pensions | 84.0 | 74.0 |
Other social security costs | 62.9 | 58.2 |
Other employee expenses | 48.5 | 41.8 |
Share-based payment | 20.4 | 28.8 |
Employee expenses | 1,130.0 | 1,053.9 |
Recognized in the income statement under the following items: | ||
Cost of goods sold | 415.6 | 408.3 |
Sales and distribution expenses | 309.4 | 264.1 |
Research and development expenses | 244.5 | 221.6 |
Administrative expenses | 133.3 | 130.3 |
Special items | 9.9 | 35.1 |
1,112.7 | 1,059.4 | |
Change in employee expenses recognized in Inventories | 17.3 | (5.5) |
Employee expenses | 1,130.0 | 1,053.9 |
Average number of employees in the Group | 11,196 | 10,208 |
Average number of employees working with research and development | 1,805 | 1,689 |
Employee expenses included severance pay, retention bonuses and other employee expenses of EUR 9.9 million (2024: EUR 35.1 million) related to the combination between Novozymes and Chr. Hansen, recognized in Special items. Reference is made to Note 2.4 for further details.
Number of employees at year-end 2025 (2024)
No. of employees
Denmark 5,104(4,645)
Rest of Europe, Middle East & Africa 1,296(1,236)
North America 2,100 (1,991)
Asia Pacific 2,411 (2,141)
Latin America 730 (569)
Total 11,641 (10,582)
Employee expenses 2025 (2024)
EUR million
Denmark 572.4(546.3)
Rest of Europe, Middle East & Africa 128.5(113.3)
North America 281.5 (263.3)
Asia Pacific 111.6 (100.7)
Latin America 36.0 (30.3)
Total 1,130.0 (1,053.9)
2.3 Employee expenses
EUR million | 2025 | 2024 |
Wages and salaries | 914.2 | 851.1 |
Pensions | 84.0 | 74.0 |
Other social security costs | 62.9 | 58.2 |
Other employee expenses | 48.5 | 41.8 |
Share-based payment | 20.4 | 28.8 |
Employee expenses | 1,130.0 | 1,053.9 |
Recognized in the income statement under the following items: | ||
Cost of goods sold | 415.6 | 408.3 |
Sales and distribution expenses | 309.4 | 264.1 |
Research and development expenses | 244.5 | 221.6 |
Administrative expenses | 133.3 | 130.3 |
Special items | 9.9 | 35.1 |
1,112.7 | 1,059.4 | |
Change in employee expenses recognized in Inventories | 17.3 | (5.5) |
Employee expenses | 1,130.0 | 1,053.9 |
Average number of employees in the Group | 11,196 | 10,208 |
Average number of employees working with research and development | 1,805 | 1,689 |
Employee expenses included severance pay, retention bonuses and other employee expenses of EUR 9.9 million (2024: EUR 35.1 million) related to the combination between Novozymes and Chr. Hansen, recognized in Special items. Reference is made to Note 2.4 for further details.
Recognition of amortization and impairment losses by function 2025 (2024)
EUR million
Cost of goods sold 153.4 (181.7)
Sales and distribution106.0 (68.4)
Research and development 73.6 (49.5)
Administration7.3 (5.2)
Special items0.0 (53.3)
Total340.3 (358.1)
Recognition of depreciation by function 2025 (2024)
EUR million
Cost of goods sold 191.3(176.6)
Sales and distribution14.6 (11.5)
Research and development 34.3(30.3)
Administration16.4 (20.9)
Total256.6 (239.3)
2.3 Employee expenses
EUR million | 2025 | 2024 |
Wages and salaries | 914.2 | 851.1 |
Pensions | 84.0 | 74.0 |
Other social security costs | 62.9 | 58.2 |
Other employee expenses | 48.5 | 41.8 |
Share-based payment | 20.4 | 28.8 |
Employee expenses | 1,130.0 | 1,053.9 |
Recognized in the income statement under the following items: | ||
Cost of goods sold | 415.6 | 408.3 |
Sales and distribution expenses | 309.4 | 264.1 |
Research and development expenses | 244.5 | 221.6 |
Administrative expenses | 133.3 | 130.3 |
Special items | 9.9 | 35.1 |
1,112.7 | 1,059.4 | |
Change in employee expenses recognized in Inventories | 17.3 | (5.5) |
Employee expenses | 1,130.0 | 1,053.9 |
Average number of employees in the Group | 11,196 | 10,208 |
Average number of employees working with research and development | 1,805 | 1,689 |
Recognition of amortization and impairment losses by function 2025 (2024)
EUR million
Cost of goods sold 153.4 (181.7)
Sales and distribution106.0 (68.4)
Research and development 73.6 (49.5)
Administration7.3 (5.2)
Special items0.0 (53.3)
Total340.3 (358.1)
Recognition of depreciation by function 2025 (2024)
EUR million
Cost of goods sold 191.3(176.6)
Sales and distribution14.6 (11.5)
Research and development 34.3(30.3)
Administration16.4 (20.9)
Total256.6 (239.3)
3.4 Inventories
EUR million | 2025 | 2024 |
Raw materials and consumables | 104.0 | 108.4 |
Work in progress | 262.5 | 255.2 |
Finished goods | 405.7 | 357.0 |
Inventories at December 31 | 772.2 | 720.6 |
Amount of inventories recognized in Cost of goods sold, incl. inventory step-up* | ||
1,571.9 | 1,661.9 | |
Indirect production costs capitalized in inventories at December 31 | 294.7 | 266.0 |
Write-downs expensed during the year | 26.0 | 17.6 |
Reversal of write-downs during the year** | 13.7 | 16.6 |
*\tFrom 2025, more costs are allocated directly at the product level. Comparative figures for 2024 have been restated to reflect the same methodology.
**\tPart of the reversal of write-downs is attributable to written-down inventory being reused in production.
Accounting policies
Inventories are measured at the lower of cost determined on a first-in first-out basis and net realizable value.
The cost of work in progress and finished goods comprises direct production costs such as raw materials and consumables; energy and labor directly attributable to production; and indirect production costs such as employee expenses, maintenance, and depreciation of plants, etc.
Indirect production costs are assessed on an ongoing basis to ensure reliable meas-urement of employee expenses, capacity utilization, cost drivers, and other relevant factors.
If the expected selling price, less any com-pletion costs and expenses to execute the sale (net realizable value) of inventories, is lower than the carrying amount, inventories are written down to net realizable value.
Novonesis has entered into a few agree-ments where Novonesis supplies goods to a customer\u2019s premises but retains title to the inventory until the goods are consumed in the customer\u2019s production. As long as Novonesis retains title to the goods, they are recognized as inventory.
Number of employees at year-end 2025 (2024)
No. of employees
Denmark 5,104(4,645)
Rest of Europe, Middle East & Africa 1,296(1,236)
North America 2,100 (1,991)
Asia Pacific 2,411 (2,141)
Latin America 730 (569)
Total 11,641 (10,582)
Employee expenses 2025 (2024)
EUR million
Denmark 572.4(546.3)
Rest of Europe, Middle East & Africa 128.5(113.3)
North America 281.5 (263.3)
Asia Pacific 111.6 (100.7)
Latin America 36.0 (30.3)
Total 1,130.0 (1,053.9)
2.4 Special items\t
EUR million | Note | 2025 | 2024 |
Transaction costs related to the combination with Chr. Hansen | - | (36.0) | |
Integration costs related to the combination with Chr. Hansen, net | (33.2) | (77.9) | |
Transaction and integration costs related to the acquisition of dsm-firmenich\u2019s share of the Feed Enzyme Alliance | (28.3) | - | |
Implementation of a new global ERP system for the combined business | (3.3) | - | |
Impairment of intangible assets and other expenses due to discontinuation of the activities in Russia | (1.1) | (34.5) | |
Impairment of discontinued research and development projects | - | (22.3) | |
Gain on divestment of the lactase enzyme business, net | 3.7 | - | 12.7 |
Special items | (65.9) | (158.0) |
In 2025, integration costs related to the com-bination with Chr. Hansen, net, include a gain on the sale of the headquarters in Bagsvaerd of EUR 5.2 million.
Special items reconciliation by function in the income statement:
2025 | 2024 | |||||
EUR million | Reported income statement | Special items | Adjusted income statement | Reported income statement | Special items | Adjusted income statement |
Net sales | 4,157.6 | - | 4,157.6 | 3,833.5 | - | 3,833.5 |
Cost of goods sold | (1,916.1) | (3.4) | (1,919.5) | (2,024.0) | (9.5) | (2,033.5) |
Gross profit | 2,241.5 | (3.4) | 2,238.1 | 1,809.5 | (9.5) | 1,800.0 |
Sales and distribution expenses | (688.6) | (37.8) | (726.4) | (550.9) | (83.0) | (633.9) |
Research and development expenses | (463.8) | (1.0) | (464.8) | (413.2) | (55.6) | (468.8) |
Administrative expenses | (223.2) | (28.9) | (252.1) | (214.6) | (22.6) | (237.2) |
Other operating income | 16.7 | 5.2 | 21.9 | 28.2 | 12.7 | 40.9 |
Operating profit (EBIT) before special items | 882.6 | (65.9) | 816.7 | 659.0 | (158.0) | 501.0 |
Special items | (65.9) | 65.9 | - | (158.0) | 158.0 | - |
Operating profit (EBIT) | 816.7 | - | 816.7 | 501.0 | - | 501.0 |
Critical accounting estimates
The use of special items entails Management judgment in the separa-tion from other items in the income statement.
Management considers individual items in order to ensure that special items include significant non-recurring income or expenses not related to Novonesis\u2019 recurring operating profit.
Accounting policies
Special items are used in the pres-entation of the income statement and include significant non-recurring indi-vidual income and expenses. These items are classified separately in the income statement to provide transpar-ency regarding the operating perfor-mance of Novonesis.
Special items include significant trans-action and integration costs related to business acquisitions; restructuring expenses and related impairment losses; and expenses related to the implementation of a new global ERP system for the combined business, which are all considered significant non-recurring income or expenses not related to Novonesis\u2019 recurring operating profit.
Special items are used in the pres-entation of the income statement and include significant non-recurring indi-vidual income and expenses. These items are classified separately in the income statement to provide transpar-ency regarding the operating perfor-mance of Novonesis.
Special items include significant trans-action and integration costs related to business acquisitions; restructuring expenses and related impairment losses; and expenses related to the implementation of a new global ERP system for the combined business, which are all considered significant non-recurring income or expenses not related to Novonesis\u2019 recurring operating profit.
", "dimensions": { "concept": "NOV:DescriptionOfAccountingPolicyForSpecialItems", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__64-1": { "value": "2.5 Tax
Tax risks
In many markets, Novonesis operates through sales companies and distributors, whereas pro-duction is located in fewer countries. This leads to transactions between group companies. Novonesis follows the OECD principles in set-ting internal transfer prices for these transac-tions. This entails a tax risk, because the trans-actions are subject to judgment in each country. The tax controversy risk for Novonesis is signifi-cantly reduced through the use of bilateral advance pricing agreements (APAs).
Bilateral APAs
As stated in our tax policy, Novonesis proac-tively engages in bilateral APAs negotiated at competent authority level to increase predict-ability and to mitigate transfer pricing risks. Most of the intercompany transaction value within the Novonesis Group is covered by bilateral APAs.
An APA is an agreement between a taxpayer and the tax authorities determining the trans-fer pricing methodology for pricing the tax-payer\u2019s internal transactions for future years.
The methodology is applied for a certain period based on the fulfilment of certain terms and conditions (called critical assumptions). An APA can be unilateral or bilateral. Novonesis
only enters into bilateral APAs, meaning that they are negotiated between the competent tax authorities of the two countries involved in the transaction. An APA provides assurance with respect to the tax outcome of our internal transactions by determining arm\u2019s length pric-ing and the pricing methodology to be applied to the internal transactions in advance.
Novonesis has entered into bilateral APAs with the tax authorities in the countries where internal transactions are most significant. Included in APA-covered transactions are group internal transactions between Denmark and the U.S., China and India.
Joint taxation
Novozymes A/S and its Danish subsidiaries are jointly taxed with the Danish companies of the Novo Holdings A/S Group. Joint taxation also covers withholding taxes in the form of divi-dend tax, royalty tax and interest tax. The Danish companies are jointly and individually liable for the joint taxation liability. Any subse-quent adjustments to income taxes and with-holding taxes may increase the liability. Tax for the individual companies is allocated in full on the basis of the expected taxable income.
Tax in the income statement
In 2025, the effective tax rate was 21.5%, which was positively impacted by prior-year one-off adjustments. This compares with an effective rax rate of 26.7% in 2024, which was adversely impacted by significant non-de-ductible transaction and integration costs related to the combination with Chr. Hansen.
Global minimum tax
Novonesis is subject to the OECD Pillar Two legislation (global minimum tax), effective from January 1, 2024. There was no material impact from Pillar Two taxes in 2025 and 2024.
Other matters
As the Group operates across many different countries, the calculation of the Group\u2019s tax expense in the income statement inherently involves estimation.
Tax and transfer-pricing disputes with authori-ties in various countries may occur, and Management\u2019s assessment is applied to assess the possible outcome of such disputes.
The Group recognizes deferred tax assets, including the expected tax value of tax loss carryforwards, if Management assesses they can be offset against positive taxable income in the foreseeable future. This is based on budgets and business plans for the coming years, including planned commercial initia-tives.
Payments in respect of tax liabilities for an accounting period result from payments on account and on the final resolution of open items. As a result, there may be substantial dif-ferences between the tax expense recognized in the consolidated income statement and the actual tax payments.
Tax in the income statement | |||
EUR million | 2025 | 2024 | |
Tax payable on net profit | (263.1) | (252.8) | |
Change in deferred tax | 87.3 | 137.9 | |
Prior-year adjustments \u2013current tax | 11.1 | 3.6 | |
Prior-year adjustments \u2013deferred tax | 4.9 | - | |
Tax in the income statement | (159.8) | (111.3) | |
Calculation of effective tax rate: | |||
Corporate tax rate in Denmark | % | (22.0) | (22.0) |
Non-taxable income less non-deductible expenses | % | (0.7) | (4.8) |
Difference in foreign tax rates | % | (0.2) | 0.6 |
Other adjustments | % | 1.4 | (0.5) |
Effective tax rate | % | (21.5) | (26.7) |
Corporation tax, comprising the current tax liability, the change in deferred tax for the year, and possible adjustments relating to prior years, is recognized in the income statement, unless it relates to items recog-nized either in Other comprehensive income or directly in equity. Uncertain tax positions are assessed individually and rec-ognized if it is probable that an amount will be paid or received. Deferred tax is meas-ured using the balance sheet liability method, and comprises all temporary differ-ences between the carrying amount and the tax base of assets and liabilities. No deferred tax is recognized for goodwill, unless amortization of goodwill for tax pur-poses is allowed. The tax value of tax loss
carryforwards is included in the calculation of deferred tax, to the extent that the tax losses are expected to be utilized in the future.
Deferred tax is measured according to cur-rent tax rules and at the tax rate expected to be in force on reversal of temporary dif-ferences. Changes in deferred tax due to tax rate changes are recognized in the income statement, unless they relate to items recognized either in Other compre-hensive income or directly in equity.
Novonesis is applying the temporary relief from accounting for deferred taxes, arising from the implementation of the Pillar Two rules issued by the OECD.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__67": { "value": "Deferred tax | Deferred tax assets | Deferred tax liabilities | ||
EUR million | 2025 | 2024 | 2025 | 2024 |
Intangible assets | 51.7 | 82.5 | (1,086.4) | (1,003.5) |
Property, plant and equipment | 3.3 | 11.7 | (171.8) | (185.3) |
Inventories | 70.3 | 54.1 | (20.8) | (17.6) |
Tax loss carryforwards | 0.6 | 1.6 | - | - |
Share-based payment | 11.2 | 21.0 | - | - |
Accruals | 63.6 | 68.1 | (0.4) | (14.2) |
Other | 11.3 | 7.4 | (6.5) | (6.7) |
212.0 | 246.4 | (1,285.9) | (1,227.3) | |
Offsetting items | 30.2 | 28.6 | (30.2) | (28.6) |
Deferred tax at December 31 | 242.2 | 275.0 | (1,316.1) | (1,255.9) |
The increase in deferred tax liabilities relating to intangible assets primarily reflects the impact of business acquisitions. Reference is made to Note 3.6 for further details.
EUR million | 2025 | 2024 |
Deferred tax at January 1 | (980.9) | (27.2) |
Currency translation adjustments | 7.5 | (4.0) |
Effect of business acquisitions | (179.5) | (1,088.3) |
Tax related to the income statement | 92.2 | 137.9 |
Tax on equity items | (13.2) | 0.7 |
Deferred tax at December 31 | (1,073.9) | (980.9) |
Deferred tax assets | 242.2 | 275.0 |
Deferred tax liabilities | (1,316.1) | (1,255.9) |
Deferred tax at December 31 | (1,073.9) | (980.9) |
The tax value of the unrecognized share of tax loss carryforwards, tax credits, etc. that do not expire amounted to EUR 4.7 million (2024: EUR 4.9 million).
Accounting policies
Corporation tax, comprising the current tax liability, the change in deferred tax for the year, and possible adjustments relating to prior years, is recognized in the income statement, unless it relates to items recog-nized either in Other comprehensive income or directly in equity. Uncertain tax positions are assessed individually and rec-ognized if it is probable that an amount will be paid or received. Deferred tax is meas-ured using the balance sheet liability method, and comprises all temporary differ-ences between the carrying amount and the tax base of assets and liabilities. No deferred tax is recognized for goodwill, unless amortization of goodwill for tax pur-poses is allowed. The tax value of tax loss
carryforwards is included in the calculation of deferred tax, to the extent that the tax losses are expected to be utilized in the future.
Deferred tax is measured according to cur-rent tax rules and at the tax rate expected to be in force on reversal of temporary dif-ferences. Changes in deferred tax due to tax rate changes are recognized in the income statement, unless they relate to items recognized either in Other compre-hensive income or directly in equity.
Novonesis is applying the temporary relief from accounting for deferred taxes, arising from the implementation of the Pillar Two rules issued by the OECD.
Corporation tax, comprising the current tax liability, the change in deferred tax for the year, and possible adjustments relating to prior years, is recognized in the income statement, unless it relates to items recog-nized either in Other comprehensive income or directly in equity. Uncertain tax positions are assessed individually and rec-ognized if it is probable that an amount will be paid or received. Deferred tax is meas-ured using the balance sheet liability method, and comprises all temporary differ-ences between the carrying amount and the tax base of assets and liabilities. No deferred tax is recognized for goodwill, unless amortization of goodwill for tax pur-poses is allowed. The tax value of tax loss
carryforwards is included in the calculation of deferred tax, to the extent that the tax losses are expected to be utilized in the future.
Deferred tax is measured according to cur-rent tax rules and at the tax rate expected to be in force on reversal of temporary dif-ferences. Changes in deferred tax due to tax rate changes are recognized in the income statement, unless they relate to items recognized either in Other compre-hensive income or directly in equity.
Novonesis is applying the temporary relief from accounting for deferred taxes, arising from the implementation of the Pillar Two rules issued by the OECD.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__68": { "value": "Corporation tax, comprising the current tax liability, the change in deferred tax for the year, and possible adjustments relating to prior years, is recognized in the income statement, unless it relates to items recog-nized either in Other comprehensive income or directly in equity. Uncertain tax positions are assessed individually and rec-ognized if it is probable that an amount will be paid or received. Deferred tax is meas-ured using the balance sheet liability method, and comprises all temporary differ-ences between the carrying amount and the tax base of assets and liabilities. No deferred tax is recognized for goodwill, unless amortization of goodwill for tax pur-poses is allowed. The tax value of tax loss
carryforwards is included in the calculation of deferred tax, to the extent that the tax losses are expected to be utilized in the future.
Deferred tax is measured according to cur-rent tax rules and at the tax rate expected to be in force on reversal of temporary dif-ferences. Changes in deferred tax due to tax rate changes are recognized in the income statement, unless they relate to items recognized either in Other compre-hensive income or directly in equity.
Novonesis is applying the temporary relief from accounting for deferred taxes, arising from the implementation of the Pillar Two rules issued by the OECD.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__69": { "value": "2.6 Earnings per share
EUR million | 2025 | 2024 |
Net profit for the year | 583.6 | 305.8 |
Net profit attributable to the shareholders of Novozymes A/S | 583.6 | 305.8 |
Average number of shares | ||
Weighted average number of shares in circulation | 465,929,503 | 457,624,227 |
Average dilutive effect of outstanding share options and share awards | 1,626,730 | 1,980,726 |
Average number of diluted shares | 467,556,233 | 459,604,953 |
Earnings per share, EUR | 1.25 | 0.67 |
Earnings per share, diluted, EUR | 1.25 | 0.67 |
3.1 Goodwill and other intangible assets
EUR million | Goodwill | Technology and strain library | Customer relationship | Software and other intangibles | Total |
Cost at January 1, 2025 | 5,605.0 | 3,611.4 | 1,085.0 | 556.1 | 10,857.5 |
Currency translation adjustments | (263.3) | (22.2) | (38.3) | (3.6) | (327.4) |
Additions from business acquisitions | 851.2 | 62.6 | 352.5 | 393.7 | 1,660.0 |
Additions during the year | - | - | - | 61.0 | 61.0 |
Disposals during the year | - | - | - | (1.3) | (1.3) |
Cost at December 31, 2025 | 6,192.9 | 3,651.8 | 1,399.2 | 1,005.9 | 12,249.8 |
Amortization and impairment losses at January 1, 2025 | |||||
(566.1) | (114.4) | (152.8) | (833.3) | ||
Currency translation adjustments | 7.5 | 3.0 | 1.0 | 11.5 | |
Amortization during the year | (196.5) | (63.0) | (58.7) | (318.2) | |
Impairment losses | (17.8) | (4.3) | - | (22.1) | |
Disposals during the year | - | - | 0.7 | 0.7 | |
Depreciation and impairment losses at December 31, 2025 | (772.9) | (178.7) | (209.8) | (1,161.4) | |
Carrying amount at December 31, 2025\t | 6,192.9 | 2,878.9 | 1,220.5 | 796.1 | 11,088.4 |
Recognition of amortization and impairment losses by function 2025 (2024)
EUR million
Cost of goods sold 153.4 (181.7)
Sales and distribution106.0 (68.4)
Research and development 73.6 (49.5)
Administration7.3 (5.2)
Special items0.0 (53.3)
Total340.3 (358.1)
Additions from business acquisitions in 2025
On June 2, 2025, Novonesis completed the acquisition of dsm-firmenich\u2019s share of the Feed Enzyme Alliance. Additions from busi-ness acquisitions include goodwill of EUR
851.2 million and other intangible assets of EUR 808.8 million identified in connection with the purchase price allocation. Reference is made to Note 3.6 for further details.
EUR million | Goodwill | Technology and strain library | Customer relationships | Software and other intangibles | Total |
Cost at January 1, 2024 | 265.0 | 548.3 | 92.2 | 175.4 | 1,080.9 |
Currency translation adjustments | 30.8 | 1.9 | 8.0 | 1.1 | 41.8 |
Additions from business acquisitions | 5,309.2 | 3,061.0 | 984.8 | 358.3 | 9,713.3 |
Additions during the year | - | 0.2 | - | 21.3 | 21.5 |
Cost at December 31, 2024 | 5,605.0 | 3,611.4 | 1,085.0 | 556.1 | 10,857.5 |
Amortization and impairment losses at January 1, 2024 | |||||
(342.3) | (19.1) | (111.5) | (472.9) | ||
Currency translation adjustments | (1.7) | (0.4) | (0.2) | (2.3) | |
Amortization during the year | (199.8) | (63.9) | (41.1) | (304.8) | |
Impairment losses | (22.3) | (31.0) | - | (53.3) | |
Amortization and impairment losses at December 31, 2024 | |||||
(566.1) | (114.4) | (152.8) | (833.3) | ||
Carrying amount at December 31, 2024\t | 5,605.0 | 3,045.3 | 970.6 | 403.3 | 10,024.2 |
Additions from business acquisitions in 2024
On January 29, 2024, the statutory merger between Novozymes A/S (\u2018Novozymes\u2019) and Chr. Hansen Holding A/S (\u2018Chr. Hansen\u2019) was successfully completed. Additions from
business acquisitions include goodwill of EUR 5,309.2 million and other intangible assets of EUR 4,404.1 million identified in connection with the Chr. Hansen purchase price alloca-tion. Reference is made to Note 3.6 for fur-ther details.
Research and development projects
Novonesis\u2019 research and development activi-ties are related to the development of new products and to the ongoing optimization of production processes for existing products. Due to the significant uncertainty associated with the development of new products, no significant research and development pro-jects met the criteria for capitalization in 2025 or 2024.
On December 31, 2025, research and devel-opment projects with a carrying amount of EUR 179.3 million are not yet available for use (2024: EUR 210.1 million). The research and development projects were identified in con-nection with business acquisitions.
Other disclosures
Material assets were identified in connection with the purchase price allocation related to the acquisition of Chr. Hansen and the Feed Enzyme Alliance. The individually significant intangible assets are:
\u2022\tStrain library, which comprises the acquired collection of around 50,000 microbial strains related to cultures and probiotics.
\u2022\tProduct technologies, which are technolo-gies related to the specialized distinct
recipes and formulations for the large portfolio of commercialized cultures, enzymes and probiotics products.
\u2022\tProcess technologies, which comprise the microbial and fermentation technol-ogy related to the production of the port-folio of cultures, enzymes and probiotics.
\u2022\tCustomer relationships that are related to the strong and long-term partnerships with customers within the dairy industry globally.
\u2022\tCustomer relationships that are related to the strong and long-term partnerships with dsm-firmenich and other customers within the feed enzyme industry globally.
\u2022 Reacquired partnership agreement, which is the reacquired exclusivity right to sell and distribute certain Novonesis enzymes previously sold through the Feed Enzyme Alliance.
Additional intangible assets (customer rela-tionships, research and development projects, product brands, etc.) were identified in con-nection with the purchase price allocations but are not individually considered material assets.
On December 31, 2025, Software and other intangible assets includes software and other IT projects of EUR 85.6 million not yet availa-ble for use (2024: EUR 44.3 million).
Individually significant intangible assets | 2025 | 2024 | ||
EUR million | Carrying amount | |||
Remaining useful life (years) | Carrying amount | |||
Remaining useful life (years) | ||||
Technology and strain library | ||||
Strain library | 549.5 | 18 | 580.6 | 19 |
Product technology | 1,432.5 | 13 | 1,567.1 | 14 |
Process technology | 222.1 | 13 | 239.3 | 14 |
Customer relationships | ||||
Customer relationships, dairy industry | 586.0 | 23 | 627.1 | 24 |
Customer relationships, feed enzyme industry | 337.0 | 19 | - | - |
Software and other intangible assets | ||||
Reacquired partnership agreement | 300.3 | 14 | - | - |
Impairment assessment
In 2025, an acquired research and develop-ment project within Planetary Health Biosolutions was discontinued and an impair-ment loss of EUR 15.3 million was recognized within Research and development expenses.
In 2025, Novonesis decided to discontinue a small production site in India and the related supply to Human Health customers in India. An impairment loss of EUR 6.8 million related to technology-related assets and customer
relationships was recognized, mainly within Sales and distribution expenses. The impair-ment loss was related to the Food & Health Biosolutions segment.
In 2024, impairment losses of EUR 53.3 mil-lion were recognized in Special items related to customer relationships in Russia, and research and development projects. Customer relationships in Russia were writ-ten down to zero, and an impairment loss of EUR 31.0 million was recognized in
connection with the discontinuation of the acquired activities in Russia. The impairment loss was related to the Food & Health Biosolutions segment.
In 2024, a group of small, acquired research and development projects were discontinued and an impairment loss of EUR 22.3 million was recognized, of which EUR 12.6 million was related to the Food & Health Biosolutions seg-ment and EUR 9.7 million to the Planetary Health Biosolutions segment.
Impairment test of goodwill
Goodwill is monitored for impairment at the operating segment level, which is the lowest level of cash-generating units (CGU) to which consolidated goodwill is allocated and moni-tored by Management. Novonesis\u2019 operating segments are Food & Health Biosolutions and Planetary Health Biosolutions. On December 31, 2025, goodwill of EUR 3,949.7 million (2024: EUR 4,142.0 million) was allocated to Food & Health Biosolutions, and EUR 2,243.2 million (2024: EUR 1,463.0 million) was allocated to Planetary Health Biosolutions. Goodwill related to the Feed Enzyme Alliance acquisition has been included within the Planetary Health Biosolutions segment.
In neither 2025 nor 2024 did the annual impairment test indicate any impairment need. Management believes that no reasonable changes in the key assumptions are likely to lead to an impairment in any of the cash-gen-erating units.
Food & Health Biosolutions includes the larg-est share of goodwill and other intangible assets. This segment is more sensitive to changes in the key assumptions.
Key assumptions
The recoverable amount determined in the
impairment test is based on a value-in-use calculation. To determine the value-in-use, Management is required to estimate the pres-ent value of future cash flows. Cash flow pro-jections are based on budgets and long-term forecasts approved by Management. The forecast period is based on Management\u2019s budget for 2026 and four-year projections in line with the forecast period used by Management for the development of the long-term financial targets for 2030.
Significant parameters in the present value estimate are sales growth, adjusted EBITDA margin, discount rate, and growth expecta-tions for the terminal period.
The applied post-tax discount rate for Food &
Health Biosolutions and Planetary Health
Biosolutions is 7.0% (2024: 7.2%), and the pre-tax discount rate is 8.7% (2024: 8.8%). The discount rate applied is the weighted average cost of capital (WACC) and reflects the latest market assumptions for the cost of equity and the cost of debt. The weighting of the cost of debt and the cost of equity is based on the capital structure for relevant peer groups.
The long-term growth rate for the terminal period is based on the expected growth in the world economy, and 2% (2024: 2%) is applied for both segments. The expected sales growth rate and the adjusted EBITDA margins in the forecast period are based on historical experi-ence and Management\u2019s assumptions about expected market developments.In making these assumptions, Management also considered the risk from macroeconomic uncertainties as described in note 1, including the potential effect on our key assumptions. Our strong global setup, including flexible regional production capabilities, creates a diversified and resilient business that supports us in navigating macroeconomic volatility.
The expected future cash flows are based on our climate strategy and our climate
commitments and ambitions. These assump-tions and our climate strategy did not have a significant impact on the impairment test at December 31, 2025.In August, our GROW strategy and the 2030 targets were announced. Novonesis aims to deliver 6\u20139% organic sales growth year-on-year, ~39% adjusted EBITDA margin, and ~16% adjusted ROIC (excluding goodwill) by the end of 2030.
Food & Health Biosolutions
Sales growth (CAGR) of high-single-digit per-centage was assumed for the forecast period, which was supported by organic sales growth of 8% in 2025. Both Food & Beverages and Human Health are expected to contribute to sales growth from a continued focus on grow-ing the core business in close collaboration with our customers, new product develop-ments, and expansion into new markets.
Adjusted EBITDA margin is expected to improve gradually from 35.8% in 2025 towards the terminal period, from product optimization and economies of scale to strain optimization and anticipated improvements in commercial cost ratios.
Planetary Health Biosolutions
Sales growth (CAGR) of mid-to-high-single-digit percentage was assumed for the fore-cast period, which was supported by organic sales growth of 6% in 2025 in Planetary Health Biosolutions. Both Household Care and Agriculture, Energy & Tech are expected to contribute to sales growth, with a continued focus on growing the core business in close collaboration with our customers, new prod-uct developments, and expansion into new markets. Adjusted EBITDA margin is expected to improve gradually from 38.2% in 2025 towards the terminal period, from production and strain optimizations, and through econo-mies of scale.
Other assumptions include investments that reflect both maintenance and expectations for organic growth, as well as our climate commit-ments.
Sensitivity analysis
Sensitivity analysis covering key assumptions has been performed in connection with the impairment testing.
Food & Health Biosolutions includes the larg-est share of goodwill and other intangible assets. The segment is more sensitive to changes in the key assumptions. However, based on the sensitivity analysis of the key assumptions, there is no impairment, and the key assumptions are not sensitive to reasona-ble changes to an extent that will result in an impairment loss either individually or in com-bination. For example, lowering of the terminal growth rate to around zero, or increasing the dis-count rate by one percentage point, will not lead to impairment. Similarly, a decrease in sales growth of four percentage points during the forecast period, or a decrease in the adjusted EBITDA margin of five percentage points, will not lead to impairment.
The discounted cash flow from the budget and forecast period for Planetary Health Biosolutions significantly exceeds the carry-ing amount of goodwill and other intangible assets.
Critical accounting estimates
Management assesses the risk of impair-ment of the Group\u2019s goodwill and intangible assets. This requires judgment in relation to the identification of impairment indicators and cash-generating units (CGUs), and the underlying assumptions applied in impair-ment testing.
Goodwill is allocated to our operating seg-ments Food & Health Biosolutions and Planetary Health Biosolutions, based on the expected future cash flow from the assets acquired, as well as synergies identified.
Goodwill and intangibles not available for use are tested annually.
Impairment tests are based on Management\u2019s projections and the antici-pated net present value of estimated future cash flows (value-in-use).
The calculation of value-in-use is based on the discounted cash flow method, using estimates of future cash flows from the continuing use. The key parameters used in determining value-in-use are sales growth, adjusted EBITDA margins, discount rate, and growth expectations for the terminal period.
Accounting policies
Intangible assets are initially measured at cost and are subsequently measured at cost less accumulated amortization and impair-ment losses.
Intangible assets acquired in a business com-bination are recognized at fair value at the acquisition date. Goodwill is only arising from business combinations and is measured in the purchase price allocation.
Research expenses are recognized in the income statement in the period in which they are incurred. Development expenses are rec-ognized in the income statement when incurred, unless the criteria for capitalization are met.
Costs associated with the development of substantial software projects are capitalized if the costs are related to the development of new and improved systems, and if the Group has control and meets the criteria for capitali-zation.
Amortization is based on the straight-line method over the estimated useful lives when the assets are available for use:
\u2022\tTechnology and strain library: 7\u201325 years. The useful lives of patents and trade-marks are normally identical to the patent period. Licenses are amortized over the contractual period
\u2022\tCustomer relationships: 7\u201325 years
\u2022\tSoftware and IT projects: 3\u201310 years
\u2022\tProduct brands: 15\u201320 years
\u2022\tReacquired partnership agreement: 15 years
\u2022\tOther intangible assets: 3\u201320 years
Estimated useful lives and amortization meth-ods are reassessed annually.
Goodwill and intangible assets not available for use are not amortized but are subject to an annual impairment test, or when indicators of impairment are identified.
Goodwill is allocated to the cash-generating units as identified by Management, repre-senting the smallest group of assets which together generate incoming cash flow from the continued use of the assets, and which are independent of cash flow from other assets or groups of assets.
The Group regularly reviews the carrying amounts of the intangible assets, subject to amortization, to determine whether there is an indication of impairment. An impairment loss is measured based on discounted pro-jected cash flows and is recognized to the extent that the carrying amount of the assets exceeds its estimated recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.
3.1 Goodwill and other intangible assets
EUR million | Goodwill | Technology and strain library | Customer relationship | Software and other intangibles | Total |
Cost at January 1, 2025 | 5,605.0 | 3,611.4 | 1,085.0 | 556.1 | 10,857.5 |
Currency translation adjustments | (263.3) | (22.2) | (38.3) | (3.6) | (327.4) |
Additions from business acquisitions | 851.2 | 62.6 | 352.5 | 393.7 | 1,660.0 |
Additions during the year | - | - | - | 61.0 | 61.0 |
Disposals during the year | - | - | - | (1.3) | (1.3) |
Cost at December 31, 2025 | 6,192.9 | 3,651.8 | 1,399.2 | 1,005.9 | 12,249.8 |
Amortization and impairment losses at January 1, 2025 | |||||
(566.1) | (114.4) | (152.8) | (833.3) | ||
Currency translation adjustments | 7.5 | 3.0 | 1.0 | 11.5 | |
Amortization during the year | (196.5) | (63.0) | (58.7) | (318.2) | |
Impairment losses | (17.8) | (4.3) | - | (22.1) | |
Disposals during the year | - | - | 0.7 | 0.7 | |
Depreciation and impairment losses at December 31, 2025 | (772.9) | (178.7) | (209.8) | (1,161.4) | |
Carrying amount at December 31, 2025\t | 6,192.9 | 2,878.9 | 1,220.5 | 796.1 | 11,088.4 |
Recognition of amortization and impairment losses by function 2025 (2024)
EUR million
Cost of goods sold 153.4 (181.7)
Sales and distribution106.0 (68.4)
Research and development 73.6 (49.5)
Administration7.3 (5.2)
Special items0.0 (53.3)
Total340.3 (358.1)
Additions from business acquisitions in 2025
On June 2, 2025, Novonesis completed the acquisition of dsm-firmenich\u2019s share of the Feed Enzyme Alliance. Additions from busi-ness acquisitions include goodwill of EUR
851.2 million and other intangible assets of EUR 808.8 million identified in connection with the purchase price allocation. Reference is made to Note 3.6 for further details.
EUR million | Goodwill | Technology and strain library | Customer relationships | Software and other intangibles | Total |
Cost at January 1, 2024 | 265.0 | 548.3 | 92.2 | 175.4 | 1,080.9 |
Currency translation adjustments | 30.8 | 1.9 | 8.0 | 1.1 | 41.8 |
Additions from business acquisitions | 5,309.2 | 3,061.0 | 984.8 | 358.3 | 9,713.3 |
Additions during the year | - | 0.2 | - | 21.3 | 21.5 |
Cost at December 31, 2024 | 5,605.0 | 3,611.4 | 1,085.0 | 556.1 | 10,857.5 |
Amortization and impairment losses at January 1, 2024 | |||||
(342.3) | (19.1) | (111.5) | (472.9) | ||
Currency translation adjustments | (1.7) | (0.4) | (0.2) | (2.3) | |
Amortization during the year | (199.8) | (63.9) | (41.1) | (304.8) | |
Impairment losses | (22.3) | (31.0) | - | (53.3) | |
Amortization and impairment losses at December 31, 2024 | |||||
(566.1) | (114.4) | (152.8) | (833.3) | ||
Carrying amount at December 31, 2024\t | 5,605.0 | 3,045.3 | 970.6 | 403.3 | 10,024.2 |
Additions from business acquisitions in 2024
On January 29, 2024, the statutory merger between Novozymes A/S (\u2018Novozymes\u2019) and Chr. Hansen Holding A/S (\u2018Chr. Hansen\u2019) was successfully completed. Additions from
business acquisitions include goodwill of EUR 5,309.2 million and other intangible assets of EUR 4,404.1 million identified in connection with the Chr. Hansen purchase price alloca-tion. Reference is made to Note 3.6 for fur-ther details.
Research and development projects
Novonesis\u2019 research and development activi-ties are related to the development of new products and to the ongoing optimization of production processes for existing products. Due to the significant uncertainty associated with the development of new products, no significant research and development pro-jects met the criteria for capitalization in 2025 or 2024.
On December 31, 2025, research and devel-opment projects with a carrying amount of EUR 179.3 million are not yet available for use (2024: EUR 210.1 million). The research and development projects were identified in con-nection with business acquisitions.
Other disclosures
Material assets were identified in connection with the purchase price allocation related to the acquisition of Chr. Hansen and the Feed Enzyme Alliance. The individually significant intangible assets are:
\u2022\tStrain library, which comprises the acquired collection of around 50,000 microbial strains related to cultures and probiotics.
\u2022\tProduct technologies, which are technolo-gies related to the specialized distinct
recipes and formulations for the large portfolio of commercialized cultures, enzymes and probiotics products.
\u2022\tProcess technologies, which comprise the microbial and fermentation technol-ogy related to the production of the port-folio of cultures, enzymes and probiotics.
\u2022\tCustomer relationships that are related to the strong and long-term partnerships with customers within the dairy industry globally.
\u2022\tCustomer relationships that are related to the strong and long-term partnerships with dsm-firmenich and other customers within the feed enzyme industry globally.
\u2022 Reacquired partnership agreement, which is the reacquired exclusivity right to sell and distribute certain Novonesis enzymes previously sold through the Feed Enzyme Alliance.
Additional intangible assets (customer rela-tionships, research and development projects, product brands, etc.) were identified in con-nection with the purchase price allocations but are not individually considered material assets.
On December 31, 2025, Software and other intangible assets includes software and other IT projects of EUR 85.6 million not yet availa-ble for use (2024: EUR 44.3 million).
Individually significant intangible assets | 2025 | 2024 | ||
EUR million | Carrying amount | |||
Remaining useful life (years) | Carrying amount | |||
Remaining useful life (years) | ||||
Technology and strain library | ||||
Strain library | 549.5 | 18 | 580.6 | 19 |
Product technology | 1,432.5 | 13 | 1,567.1 | 14 |
Process technology | 222.1 | 13 | 239.3 | 14 |
Customer relationships | ||||
Customer relationships, dairy industry | 586.0 | 23 | 627.1 | 24 |
Customer relationships, feed enzyme industry | 337.0 | 19 | - | - |
Software and other intangible assets | ||||
Reacquired partnership agreement | 300.3 | 14 | - | - |
Impairment assessment
In 2025, an acquired research and develop-ment project within Planetary Health Biosolutions was discontinued and an impair-ment loss of EUR 15.3 million was recognized within Research and development expenses.
In 2025, Novonesis decided to discontinue a small production site in India and the related supply to Human Health customers in India. An impairment loss of EUR 6.8 million related to technology-related assets and customer
relationships was recognized, mainly within Sales and distribution expenses. The impair-ment loss was related to the Food & Health Biosolutions segment.
In 2024, impairment losses of EUR 53.3 mil-lion were recognized in Special items related to customer relationships in Russia, and research and development projects. Customer relationships in Russia were writ-ten down to zero, and an impairment loss of EUR 31.0 million was recognized in
connection with the discontinuation of the acquired activities in Russia. The impairment loss was related to the Food & Health Biosolutions segment.
In 2024, a group of small, acquired research and development projects were discontinued and an impairment loss of EUR 22.3 million was recognized, of which EUR 12.6 million was related to the Food & Health Biosolutions seg-ment and EUR 9.7 million to the Planetary Health Biosolutions segment.
Impairment test of goodwill
Goodwill is monitored for impairment at the operating segment level, which is the lowest level of cash-generating units (CGU) to which consolidated goodwill is allocated and moni-tored by Management. Novonesis\u2019 operating segments are Food & Health Biosolutions and Planetary Health Biosolutions. On December 31, 2025, goodwill of EUR 3,949.7 million (2024: EUR 4,142.0 million) was allocated to Food & Health Biosolutions, and EUR 2,243.2 million (2024: EUR 1,463.0 million) was allocated to Planetary Health Biosolutions. Goodwill related to the Feed Enzyme Alliance acquisition has been included within the Planetary Health Biosolutions segment.
In neither 2025 nor 2024 did the annual impairment test indicate any impairment need. Management believes that no reasonable changes in the key assumptions are likely to lead to an impairment in any of the cash-gen-erating units.
Food & Health Biosolutions includes the larg-est share of goodwill and other intangible assets. This segment is more sensitive to changes in the key assumptions.
Key assumptions
The recoverable amount determined in the
impairment test is based on a value-in-use calculation. To determine the value-in-use, Management is required to estimate the pres-ent value of future cash flows. Cash flow pro-jections are based on budgets and long-term forecasts approved by Management. The forecast period is based on Management\u2019s budget for 2026 and four-year projections in line with the forecast period used by Management for the development of the long-term financial targets for 2030.
Significant parameters in the present value estimate are sales growth, adjusted EBITDA margin, discount rate, and growth expecta-tions for the terminal period.
The applied post-tax discount rate for Food &
Health Biosolutions and Planetary Health
Biosolutions is 7.0% (2024: 7.2%), and the pre-tax discount rate is 8.7% (2024: 8.8%). The discount rate applied is the weighted average cost of capital (WACC) and reflects the latest market assumptions for the cost of equity and the cost of debt. The weighting of the cost of debt and the cost of equity is based on the capital structure for relevant peer groups.
The long-term growth rate for the terminal period is based on the expected growth in the world economy, and 2% (2024: 2%) is applied for both segments. The expected sales growth rate and the adjusted EBITDA margins in the forecast period are based on historical experi-ence and Management\u2019s assumptions about expected market developments.In making these assumptions, Management also considered the risk from macroeconomic uncertainties as described in note 1, including the potential effect on our key assumptions. Our strong global setup, including flexible regional production capabilities, creates a diversified and resilient business that supports us in navigating macroeconomic volatility.
The expected future cash flows are based on our climate strategy and our climate
commitments and ambitions. These assump-tions and our climate strategy did not have a significant impact on the impairment test at December 31, 2025.In August, our GROW strategy and the 2030 targets were announced. Novonesis aims to deliver 6\u20139% organic sales growth year-on-year, ~39% adjusted EBITDA margin, and ~16% adjusted ROIC (excluding goodwill) by the end of 2030.
Food & Health Biosolutions
Sales growth (CAGR) of high-single-digit per-centage was assumed for the forecast period, which was supported by organic sales growth of 8% in 2025. Both Food & Beverages and Human Health are expected to contribute to sales growth from a continued focus on grow-ing the core business in close collaboration with our customers, new product develop-ments, and expansion into new markets.
Adjusted EBITDA margin is expected to improve gradually from 35.8% in 2025 towards the terminal period, from product optimization and economies of scale to strain optimization and anticipated improvements in commercial cost ratios.
Planetary Health Biosolutions
Sales growth (CAGR) of mid-to-high-single-digit percentage was assumed for the fore-cast period, which was supported by organic sales growth of 6% in 2025 in Planetary Health Biosolutions. Both Household Care and Agriculture, Energy & Tech are expected to contribute to sales growth, with a continued focus on growing the core business in close collaboration with our customers, new prod-uct developments, and expansion into new markets. Adjusted EBITDA margin is expected to improve gradually from 38.2% in 2025 towards the terminal period, from production and strain optimizations, and through econo-mies of scale.
Other assumptions include investments that reflect both maintenance and expectations for organic growth, as well as our climate commit-ments.
Sensitivity analysis
Sensitivity analysis covering key assumptions has been performed in connection with the impairment testing.
Food & Health Biosolutions includes the larg-est share of goodwill and other intangible assets. The segment is more sensitive to changes in the key assumptions. However, based on the sensitivity analysis of the key assumptions, there is no impairment, and the key assumptions are not sensitive to reasona-ble changes to an extent that will result in an impairment loss either individually or in com-bination. For example, lowering of the terminal growth rate to around zero, or increasing the dis-count rate by one percentage point, will not lead to impairment. Similarly, a decrease in sales growth of four percentage points during the forecast period, or a decrease in the adjusted EBITDA margin of five percentage points, will not lead to impairment.
The discounted cash flow from the budget and forecast period for Planetary Health Biosolutions significantly exceeds the carry-ing amount of goodwill and other intangible assets.
Critical accounting estimates
Management assesses the risk of impair-ment of the Group\u2019s goodwill and intangible assets. This requires judgment in relation to the identification of impairment indicators and cash-generating units (CGUs), and the underlying assumptions applied in impair-ment testing.
Goodwill is allocated to our operating seg-ments Food & Health Biosolutions and Planetary Health Biosolutions, based on the expected future cash flow from the assets acquired, as well as synergies identified.
Goodwill and intangibles not available for use are tested annually.
Impairment tests are based on Management\u2019s projections and the antici-pated net present value of estimated future cash flows (value-in-use).
The calculation of value-in-use is based on the discounted cash flow method, using estimates of future cash flows from the continuing use. The key parameters used in determining value-in-use are sales growth, adjusted EBITDA margins, discount rate, and growth expectations for the terminal period.
Accounting policies
Intangible assets are initially measured at cost and are subsequently measured at cost less accumulated amortization and impair-ment losses.
Intangible assets acquired in a business com-bination are recognized at fair value at the acquisition date. Goodwill is only arising from business combinations and is measured in the purchase price allocation.
Research expenses are recognized in the income statement in the period in which they are incurred. Development expenses are rec-ognized in the income statement when incurred, unless the criteria for capitalization are met.
Costs associated with the development of substantial software projects are capitalized if the costs are related to the development of new and improved systems, and if the Group has control and meets the criteria for capitali-zation.
Amortization is based on the straight-line method over the estimated useful lives when the assets are available for use:
\u2022\tTechnology and strain library: 7\u201325 years. The useful lives of patents and trade-marks are normally identical to the patent period. Licenses are amortized over the contractual period
\u2022\tCustomer relationships: 7\u201325 years
\u2022\tSoftware and IT projects: 3\u201310 years
\u2022\tProduct brands: 15\u201320 years
\u2022\tReacquired partnership agreement: 15 years
\u2022\tOther intangible assets: 3\u201320 years
Estimated useful lives and amortization meth-ods are reassessed annually.
Goodwill and intangible assets not available for use are not amortized but are subject to an annual impairment test, or when indicators of impairment are identified.
Goodwill is allocated to the cash-generating units as identified by Management, repre-senting the smallest group of assets which together generate incoming cash flow from the continued use of the assets, and which are independent of cash flow from other assets or groups of assets.
The Group regularly reviews the carrying amounts of the intangible assets, subject to amortization, to determine whether there is an indication of impairment. An impairment loss is measured based on discounted pro-jected cash flows and is recognized to the extent that the carrying amount of the assets exceeds its estimated recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.
3.1 Goodwill and other intangible assets
EUR million | Goodwill | Technology and strain library | Customer relationship | Software and other intangibles | Total |
Cost at January 1, 2025 | 5,605.0 | 3,611.4 | 1,085.0 | 556.1 | 10,857.5 |
Currency translation adjustments | (263.3) | (22.2) | (38.3) | (3.6) | (327.4) |
Additions from business acquisitions | 851.2 | 62.6 | 352.5 | 393.7 | 1,660.0 |
Additions during the year | - | - | - | 61.0 | 61.0 |
Disposals during the year | - | - | - | (1.3) | (1.3) |
Cost at December 31, 2025 | 6,192.9 | 3,651.8 | 1,399.2 | 1,005.9 | 12,249.8 |
Amortization and impairment losses at January 1, 2025 | |||||
(566.1) | (114.4) | (152.8) | (833.3) | ||
Currency translation adjustments | 7.5 | 3.0 | 1.0 | 11.5 | |
Amortization during the year | (196.5) | (63.0) | (58.7) | (318.2) | |
Impairment losses | (17.8) | (4.3) | - | (22.1) | |
Disposals during the year | - | - | 0.7 | 0.7 | |
Depreciation and impairment losses at December 31, 2025 | (772.9) | (178.7) | (209.8) | (1,161.4) | |
Carrying amount at December 31, 2025\t | 6,192.9 | 2,878.9 | 1,220.5 | 796.1 | 11,088.4 |
Recognition of amortization and impairment losses by function 2025 (2024)
EUR million
Cost of goods sold 153.4 (181.7)
Sales and distribution106.0 (68.4)
Research and development 73.6 (49.5)
Administration7.3 (5.2)
Special items0.0 (53.3)
Total340.3 (358.1)
Additions from business acquisitions in 2025
On June 2, 2025, Novonesis completed the acquisition of dsm-firmenich\u2019s share of the Feed Enzyme Alliance. Additions from busi-ness acquisitions include goodwill of EUR
851.2 million and other intangible assets of EUR 808.8 million identified in connection with the purchase price allocation. Reference is made to Note 3.6 for further details.
EUR million | Goodwill | Technology and strain library | Customer relationships | Software and other intangibles | Total |
Cost at January 1, 2024 | 265.0 | 548.3 | 92.2 | 175.4 | 1,080.9 |
Currency translation adjustments | 30.8 | 1.9 | 8.0 | 1.1 | 41.8 |
Additions from business acquisitions | 5,309.2 | 3,061.0 | 984.8 | 358.3 | 9,713.3 |
Additions during the year | - | 0.2 | - | 21.3 | 21.5 |
Cost at December 31, 2024 | 5,605.0 | 3,611.4 | 1,085.0 | 556.1 | 10,857.5 |
Amortization and impairment losses at January 1, 2024 | |||||
(342.3) | (19.1) | (111.5) | (472.9) | ||
Currency translation adjustments | (1.7) | (0.4) | (0.2) | (2.3) | |
Amortization during the year | (199.8) | (63.9) | (41.1) | (304.8) | |
Impairment losses | (22.3) | (31.0) | - | (53.3) | |
Amortization and impairment losses at December 31, 2024 | |||||
(566.1) | (114.4) | (152.8) | (833.3) | ||
Carrying amount at December 31, 2024\t | 5,605.0 | 3,045.3 | 970.6 | 403.3 | 10,024.2 |
Additions from business acquisitions in 2024
On January 29, 2024, the statutory merger between Novozymes A/S (\u2018Novozymes\u2019) and Chr. Hansen Holding A/S (\u2018Chr. Hansen\u2019) was successfully completed. Additions from
business acquisitions include goodwill of EUR 5,309.2 million and other intangible assets of EUR 4,404.1 million identified in connection with the Chr. Hansen purchase price alloca-tion. Reference is made to Note 3.6 for fur-ther details.
Research and development projects
Novonesis\u2019 research and development activi-ties are related to the development of new products and to the ongoing optimization of production processes for existing products. Due to the significant uncertainty associated with the development of new products, no significant research and development pro-jects met the criteria for capitalization in 2025 or 2024.
On December 31, 2025, research and devel-opment projects with a carrying amount of EUR 179.3 million are not yet available for use (2024: EUR 210.1 million). The research and development projects were identified in con-nection with business acquisitions.
Other disclosures
Material assets were identified in connection with the purchase price allocation related to the acquisition of Chr. Hansen and the Feed Enzyme Alliance. The individually significant intangible assets are:
\u2022\tStrain library, which comprises the acquired collection of around 50,000 microbial strains related to cultures and probiotics.
\u2022\tProduct technologies, which are technolo-gies related to the specialized distinct
recipes and formulations for the large portfolio of commercialized cultures, enzymes and probiotics products.
\u2022\tProcess technologies, which comprise the microbial and fermentation technol-ogy related to the production of the port-folio of cultures, enzymes and probiotics.
\u2022\tCustomer relationships that are related to the strong and long-term partnerships with customers within the dairy industry globally.
\u2022\tCustomer relationships that are related to the strong and long-term partnerships with dsm-firmenich and other customers within the feed enzyme industry globally.
\u2022 Reacquired partnership agreement, which is the reacquired exclusivity right to sell and distribute certain Novonesis enzymes previously sold through the Feed Enzyme Alliance.
Additional intangible assets (customer rela-tionships, research and development projects, product brands, etc.) were identified in con-nection with the purchase price allocations but are not individually considered material assets.
On December 31, 2025, Software and other intangible assets includes software and other IT projects of EUR 85.6 million not yet availa-ble for use (2024: EUR 44.3 million).
Individually significant intangible assets | 2025 | 2024 | ||
EUR million | Carrying amount | |||
Remaining useful life (years) | Carrying amount | |||
Remaining useful life (years) | ||||
Technology and strain library | ||||
Strain library | 549.5 | 18 | 580.6 | 19 |
Product technology | 1,432.5 | 13 | 1,567.1 | 14 |
Process technology | 222.1 | 13 | 239.3 | 14 |
Customer relationships | ||||
Customer relationships, dairy industry | 586.0 | 23 | 627.1 | 24 |
Customer relationships, feed enzyme industry | 337.0 | 19 | - | - |
Software and other intangible assets | ||||
Reacquired partnership agreement | 300.3 | 14 | - | - |
Impairment assessment
In 2025, an acquired research and develop-ment project within Planetary Health Biosolutions was discontinued and an impair-ment loss of EUR 15.3 million was recognized within Research and development expenses.
In 2025, Novonesis decided to discontinue a small production site in India and the related supply to Human Health customers in India. An impairment loss of EUR 6.8 million related to technology-related assets and customer
relationships was recognized, mainly within Sales and distribution expenses. The impair-ment loss was related to the Food & Health Biosolutions segment.
In 2024, impairment losses of EUR 53.3 mil-lion were recognized in Special items related to customer relationships in Russia, and research and development projects. Customer relationships in Russia were writ-ten down to zero, and an impairment loss of EUR 31.0 million was recognized in
connection with the discontinuation of the acquired activities in Russia. The impairment loss was related to the Food & Health Biosolutions segment.
In 2024, a group of small, acquired research and development projects were discontinued and an impairment loss of EUR 22.3 million was recognized, of which EUR 12.6 million was related to the Food & Health Biosolutions seg-ment and EUR 9.7 million to the Planetary Health Biosolutions segment.
Impairment test of goodwill
Goodwill is monitored for impairment at the operating segment level, which is the lowest level of cash-generating units (CGU) to which consolidated goodwill is allocated and moni-tored by Management. Novonesis\u2019 operating segments are Food & Health Biosolutions and Planetary Health Biosolutions. On December 31, 2025, goodwill of EUR 3,949.7 million (2024: EUR 4,142.0 million) was allocated to Food & Health Biosolutions, and EUR 2,243.2 million (2024: EUR 1,463.0 million) was allocated to Planetary Health Biosolutions. Goodwill related to the Feed Enzyme Alliance acquisition has been included within the Planetary Health Biosolutions segment.
In neither 2025 nor 2024 did the annual impairment test indicate any impairment need. Management believes that no reasonable changes in the key assumptions are likely to lead to an impairment in any of the cash-gen-erating units.
Food & Health Biosolutions includes the larg-est share of goodwill and other intangible assets. This segment is more sensitive to changes in the key assumptions.
Key assumptions
The recoverable amount determined in the
impairment test is based on a value-in-use calculation. To determine the value-in-use, Management is required to estimate the pres-ent value of future cash flows. Cash flow pro-jections are based on budgets and long-term forecasts approved by Management. The forecast period is based on Management\u2019s budget for 2026 and four-year projections in line with the forecast period used by Management for the development of the long-term financial targets for 2030.
Significant parameters in the present value estimate are sales growth, adjusted EBITDA margin, discount rate, and growth expecta-tions for the terminal period.
The applied post-tax discount rate for Food &
Health Biosolutions and Planetary Health
Biosolutions is 7.0% (2024: 7.2%), and the pre-tax discount rate is 8.7% (2024: 8.8%). The discount rate applied is the weighted average cost of capital (WACC) and reflects the latest market assumptions for the cost of equity and the cost of debt. The weighting of the cost of debt and the cost of equity is based on the capital structure for relevant peer groups.
The long-term growth rate for the terminal period is based on the expected growth in the world economy, and 2% (2024: 2%) is applied for both segments. The expected sales growth rate and the adjusted EBITDA margins in the forecast period are based on historical experi-ence and Management\u2019s assumptions about expected market developments.In making these assumptions, Management also considered the risk from macroeconomic uncertainties as described in note 1, including the potential effect on our key assumptions. Our strong global setup, including flexible regional production capabilities, creates a diversified and resilient business that supports us in navigating macroeconomic volatility.
The expected future cash flows are based on our climate strategy and our climate
commitments and ambitions. These assump-tions and our climate strategy did not have a significant impact on the impairment test at December 31, 2025.In August, our GROW strategy and the 2030 targets were announced. Novonesis aims to deliver 6\u20139% organic sales growth year-on-year, ~39% adjusted EBITDA margin, and ~16% adjusted ROIC (excluding goodwill) by the end of 2030.
Food & Health Biosolutions
Sales growth (CAGR) of high-single-digit per-centage was assumed for the forecast period, which was supported by organic sales growth of 8% in 2025. Both Food & Beverages and Human Health are expected to contribute to sales growth from a continued focus on grow-ing the core business in close collaboration with our customers, new product develop-ments, and expansion into new markets.
Adjusted EBITDA margin is expected to improve gradually from 35.8% in 2025 towards the terminal period, from product optimization and economies of scale to strain optimization and anticipated improvements in commercial cost ratios.
Planetary Health Biosolutions
Sales growth (CAGR) of mid-to-high-single-digit percentage was assumed for the fore-cast period, which was supported by organic sales growth of 6% in 2025 in Planetary Health Biosolutions. Both Household Care and Agriculture, Energy & Tech are expected to contribute to sales growth, with a continued focus on growing the core business in close collaboration with our customers, new prod-uct developments, and expansion into new markets. Adjusted EBITDA margin is expected to improve gradually from 38.2% in 2025 towards the terminal period, from production and strain optimizations, and through econo-mies of scale.
Other assumptions include investments that reflect both maintenance and expectations for organic growth, as well as our climate commit-ments.
Sensitivity analysis
Sensitivity analysis covering key assumptions has been performed in connection with the impairment testing.
Food & Health Biosolutions includes the larg-est share of goodwill and other intangible assets. The segment is more sensitive to changes in the key assumptions. However, based on the sensitivity analysis of the key assumptions, there is no impairment, and the key assumptions are not sensitive to reasona-ble changes to an extent that will result in an impairment loss either individually or in com-bination. For example, lowering of the terminal growth rate to around zero, or increasing the dis-count rate by one percentage point, will not lead to impairment. Similarly, a decrease in sales growth of four percentage points during the forecast period, or a decrease in the adjusted EBITDA margin of five percentage points, will not lead to impairment.
The discounted cash flow from the budget and forecast period for Planetary Health Biosolutions significantly exceeds the carry-ing amount of goodwill and other intangible assets.
Critical accounting estimates
Management assesses the risk of impair-ment of the Group\u2019s goodwill and intangible assets. This requires judgment in relation to the identification of impairment indicators and cash-generating units (CGUs), and the underlying assumptions applied in impair-ment testing.
Goodwill is allocated to our operating seg-ments Food & Health Biosolutions and Planetary Health Biosolutions, based on the expected future cash flow from the assets acquired, as well as synergies identified.
Goodwill and intangibles not available for use are tested annually.
Impairment tests are based on Management\u2019s projections and the antici-pated net present value of estimated future cash flows (value-in-use).
The calculation of value-in-use is based on the discounted cash flow method, using estimates of future cash flows from the continuing use. The key parameters used in determining value-in-use are sales growth, adjusted EBITDA margins, discount rate, and growth expectations for the terminal period.
Accounting policies
Intangible assets are initially measured at cost and are subsequently measured at cost less accumulated amortization and impair-ment losses.
Intangible assets acquired in a business com-bination are recognized at fair value at the acquisition date. Goodwill is only arising from business combinations and is measured in the purchase price allocation.
Research expenses are recognized in the income statement in the period in which they are incurred. Development expenses are rec-ognized in the income statement when incurred, unless the criteria for capitalization are met.
Costs associated with the development of substantial software projects are capitalized if the costs are related to the development of new and improved systems, and if the Group has control and meets the criteria for capitali-zation.
Amortization is based on the straight-line method over the estimated useful lives when the assets are available for use:
\u2022\tTechnology and strain library: 7\u201325 years. The useful lives of patents and trade-marks are normally identical to the patent period. Licenses are amortized over the contractual period
\u2022\tCustomer relationships: 7\u201325 years
\u2022\tSoftware and IT projects: 3\u201310 years
\u2022\tProduct brands: 15\u201320 years
\u2022\tReacquired partnership agreement: 15 years
\u2022\tOther intangible assets: 3\u201320 years
Estimated useful lives and amortization meth-ods are reassessed annually.
Goodwill and intangible assets not available for use are not amortized but are subject to an annual impairment test, or when indicators of impairment are identified.
Goodwill is allocated to the cash-generating units as identified by Management, repre-senting the smallest group of assets which together generate incoming cash flow from the continued use of the assets, and which are independent of cash flow from other assets or groups of assets.
The Group regularly reviews the carrying amounts of the intangible assets, subject to amortization, to determine whether there is an indication of impairment. An impairment loss is measured based on discounted pro-jected cash flows and is recognized to the extent that the carrying amount of the assets exceeds its estimated recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.
3.1 Goodwill and other intangible assets
EUR million | Goodwill | Technology and strain library | Customer relationship | Software and other intangibles | Total |
Cost at January 1, 2025 | 5,605.0 | 3,611.4 | 1,085.0 | 556.1 | 10,857.5 |
Currency translation adjustments | (263.3) | (22.2) | (38.3) | (3.6) | (327.4) |
Additions from business acquisitions | 851.2 | 62.6 | 352.5 | 393.7 | 1,660.0 |
Additions during the year | - | - | - | 61.0 | 61.0 |
Disposals during the year | - | - | - | (1.3) | (1.3) |
Cost at December 31, 2025 | 6,192.9 | 3,651.8 | 1,399.2 | 1,005.9 | 12,249.8 |
Amortization and impairment losses at January 1, 2025 | |||||
(566.1) | (114.4) | (152.8) | (833.3) | ||
Currency translation adjustments | 7.5 | 3.0 | 1.0 | 11.5 | |
Amortization during the year | (196.5) | (63.0) | (58.7) | (318.2) | |
Impairment losses | (17.8) | (4.3) | - | (22.1) | |
Disposals during the year | - | - | 0.7 | 0.7 | |
Depreciation and impairment losses at December 31, 2025 | (772.9) | (178.7) | (209.8) | (1,161.4) | |
Carrying amount at December 31, 2025\t | 6,192.9 | 2,878.9 | 1,220.5 | 796.1 | 11,088.4 |
Recognition of amortization and impairment losses by function 2025 (2024)
EUR million
Cost of goods sold 153.4 (181.7)
Sales and distribution106.0 (68.4)
Research and development 73.6 (49.5)
Administration7.3 (5.2)
Special items0.0 (53.3)
Total340.3 (358.1)
Additions from business acquisitions in 2025
On June 2, 2025, Novonesis completed the acquisition of dsm-firmenich\u2019s share of the Feed Enzyme Alliance. Additions from busi-ness acquisitions include goodwill of EUR
851.2 million and other intangible assets of EUR 808.8 million identified in connection with the purchase price allocation. Reference is made to Note 3.6 for further details.
EUR million | Goodwill | Technology and strain library | Customer relationships | Software and other intangibles | Total |
Cost at January 1, 2024 | 265.0 | 548.3 | 92.2 | 175.4 | 1,080.9 |
Currency translation adjustments | 30.8 | 1.9 | 8.0 | 1.1 | 41.8 |
Additions from business acquisitions | 5,309.2 | 3,061.0 | 984.8 | 358.3 | 9,713.3 |
Additions during the year | - | 0.2 | - | 21.3 | 21.5 |
Cost at December 31, 2024 | 5,605.0 | 3,611.4 | 1,085.0 | 556.1 | 10,857.5 |
Amortization and impairment losses at January 1, 2024 | |||||
(342.3) | (19.1) | (111.5) | (472.9) | ||
Currency translation adjustments | (1.7) | (0.4) | (0.2) | (2.3) | |
Amortization during the year | (199.8) | (63.9) | (41.1) | (304.8) | |
Impairment losses | (22.3) | (31.0) | - | (53.3) | |
Amortization and impairment losses at December 31, 2024 | |||||
(566.1) | (114.4) | (152.8) | (833.3) | ||
Carrying amount at December 31, 2024\t | 5,605.0 | 3,045.3 | 970.6 | 403.3 | 10,024.2 |
Additions from business acquisitions in 2024
On January 29, 2024, the statutory merger between Novozymes A/S (\u2018Novozymes\u2019) and Chr. Hansen Holding A/S (\u2018Chr. Hansen\u2019) was successfully completed. Additions from
business acquisitions include goodwill of EUR 5,309.2 million and other intangible assets of EUR 4,404.1 million identified in connection with the Chr. Hansen purchase price alloca-tion. Reference is made to Note 3.6 for fur-ther details.
Research and development projects
Novonesis\u2019 research and development activi-ties are related to the development of new products and to the ongoing optimization of production processes for existing products. Due to the significant uncertainty associated with the development of new products, no significant research and development pro-jects met the criteria for capitalization in 2025 or 2024.
On December 31, 2025, research and devel-opment projects with a carrying amount of EUR 179.3 million are not yet available for use (2024: EUR 210.1 million). The research and development projects were identified in con-nection with business acquisitions.
Other disclosures
Material assets were identified in connection with the purchase price allocation related to the acquisition of Chr. Hansen and the Feed Enzyme Alliance. The individually significant intangible assets are:
\u2022\tStrain library, which comprises the acquired collection of around 50,000 microbial strains related to cultures and probiotics.
\u2022\tProduct technologies, which are technolo-gies related to the specialized distinct
recipes and formulations for the large portfolio of commercialized cultures, enzymes and probiotics products.
\u2022\tProcess technologies, which comprise the microbial and fermentation technol-ogy related to the production of the port-folio of cultures, enzymes and probiotics.
\u2022\tCustomer relationships that are related to the strong and long-term partnerships with customers within the dairy industry globally.
\u2022\tCustomer relationships that are related to the strong and long-term partnerships with dsm-firmenich and other customers within the feed enzyme industry globally.
\u2022 Reacquired partnership agreement, which is the reacquired exclusivity right to sell and distribute certain Novonesis enzymes previously sold through the Feed Enzyme Alliance.
Additional intangible assets (customer rela-tionships, research and development projects, product brands, etc.) were identified in con-nection with the purchase price allocations but are not individually considered material assets.
On December 31, 2025, Software and other intangible assets includes software and other IT projects of EUR 85.6 million not yet availa-ble for use (2024: EUR 44.3 million).
Individually significant intangible assets | 2025 | 2024 | ||
EUR million | Carrying amount | |||
Remaining useful life (years) | Carrying amount | |||
Remaining useful life (years) | ||||
Technology and strain library | ||||
Strain library | 549.5 | 18 | 580.6 | 19 |
Product technology | 1,432.5 | 13 | 1,567.1 | 14 |
Process technology | 222.1 | 13 | 239.3 | 14 |
Customer relationships | ||||
Customer relationships, dairy industry | 586.0 | 23 | 627.1 | 24 |
Customer relationships, feed enzyme industry | 337.0 | 19 | - | - |
Software and other intangible assets | ||||
Reacquired partnership agreement | 300.3 | 14 | - | - |
Impairment assessment
In 2025, an acquired research and develop-ment project within Planetary Health Biosolutions was discontinued and an impair-ment loss of EUR 15.3 million was recognized within Research and development expenses.
In 2025, Novonesis decided to discontinue a small production site in India and the related supply to Human Health customers in India. An impairment loss of EUR 6.8 million related to technology-related assets and customer
relationships was recognized, mainly within Sales and distribution expenses. The impair-ment loss was related to the Food & Health Biosolutions segment.
In 2024, impairment losses of EUR 53.3 mil-lion were recognized in Special items related to customer relationships in Russia, and research and development projects. Customer relationships in Russia were writ-ten down to zero, and an impairment loss of EUR 31.0 million was recognized in
connection with the discontinuation of the acquired activities in Russia. The impairment loss was related to the Food & Health Biosolutions segment.
In 2024, a group of small, acquired research and development projects were discontinued and an impairment loss of EUR 22.3 million was recognized, of which EUR 12.6 million was related to the Food & Health Biosolutions seg-ment and EUR 9.7 million to the Planetary Health Biosolutions segment.
Impairment test of goodwill
Goodwill is monitored for impairment at the operating segment level, which is the lowest level of cash-generating units (CGU) to which consolidated goodwill is allocated and moni-tored by Management. Novonesis\u2019 operating segments are Food & Health Biosolutions and Planetary Health Biosolutions. On December 31, 2025, goodwill of EUR 3,949.7 million (2024: EUR 4,142.0 million) was allocated to Food & Health Biosolutions, and EUR 2,243.2 million (2024: EUR 1,463.0 million) was allocated to Planetary Health Biosolutions. Goodwill related to the Feed Enzyme Alliance acquisition has been included within the Planetary Health Biosolutions segment.
In neither 2025 nor 2024 did the annual impairment test indicate any impairment need. Management believes that no reasonable changes in the key assumptions are likely to lead to an impairment in any of the cash-gen-erating units.
Food & Health Biosolutions includes the larg-est share of goodwill and other intangible assets. This segment is more sensitive to changes in the key assumptions.
Key assumptions
The recoverable amount determined in the
impairment test is based on a value-in-use calculation. To determine the value-in-use, Management is required to estimate the pres-ent value of future cash flows. Cash flow pro-jections are based on budgets and long-term forecasts approved by Management. The forecast period is based on Management\u2019s budget for 2026 and four-year projections in line with the forecast period used by Management for the development of the long-term financial targets for 2030.
Significant parameters in the present value estimate are sales growth, adjusted EBITDA margin, discount rate, and growth expecta-tions for the terminal period.
The applied post-tax discount rate for Food &
Health Biosolutions and Planetary Health
Biosolutions is 7.0% (2024: 7.2%), and the pre-tax discount rate is 8.7% (2024: 8.8%). The discount rate applied is the weighted average cost of capital (WACC) and reflects the latest market assumptions for the cost of equity and the cost of debt. The weighting of the cost of debt and the cost of equity is based on the capital structure for relevant peer groups.
The long-term growth rate for the terminal period is based on the expected growth in the world economy, and 2% (2024: 2%) is applied for both segments. The expected sales growth rate and the adjusted EBITDA margins in the forecast period are based on historical experi-ence and Management\u2019s assumptions about expected market developments.In making these assumptions, Management also considered the risk from macroeconomic uncertainties as described in note 1, including the potential effect on our key assumptions. Our strong global setup, including flexible regional production capabilities, creates a diversified and resilient business that supports us in navigating macroeconomic volatility.
The expected future cash flows are based on our climate strategy and our climate
commitments and ambitions. These assump-tions and our climate strategy did not have a significant impact on the impairment test at December 31, 2025.In August, our GROW strategy and the 2030 targets were announced. Novonesis aims to deliver 6\u20139% organic sales growth year-on-year, ~39% adjusted EBITDA margin, and ~16% adjusted ROIC (excluding goodwill) by the end of 2030.
Food & Health Biosolutions
Sales growth (CAGR) of high-single-digit per-centage was assumed for the forecast period, which was supported by organic sales growth of 8% in 2025. Both Food & Beverages and Human Health are expected to contribute to sales growth from a continued focus on grow-ing the core business in close collaboration with our customers, new product develop-ments, and expansion into new markets.
Adjusted EBITDA margin is expected to improve gradually from 35.8% in 2025 towards the terminal period, from product optimization and economies of scale to strain optimization and anticipated improvements in commercial cost ratios.
Planetary Health Biosolutions
Sales growth (CAGR) of mid-to-high-single-digit percentage was assumed for the fore-cast period, which was supported by organic sales growth of 6% in 2025 in Planetary Health Biosolutions. Both Household Care and Agriculture, Energy & Tech are expected to contribute to sales growth, with a continued focus on growing the core business in close collaboration with our customers, new prod-uct developments, and expansion into new markets. Adjusted EBITDA margin is expected to improve gradually from 38.2% in 2025 towards the terminal period, from production and strain optimizations, and through econo-mies of scale.
Other assumptions include investments that reflect both maintenance and expectations for organic growth, as well as our climate commit-ments.
Sensitivity analysis
Sensitivity analysis covering key assumptions has been performed in connection with the impairment testing.
Food & Health Biosolutions includes the larg-est share of goodwill and other intangible assets. The segment is more sensitive to changes in the key assumptions. However, based on the sensitivity analysis of the key assumptions, there is no impairment, and the key assumptions are not sensitive to reasona-ble changes to an extent that will result in an impairment loss either individually or in com-bination. For example, lowering of the terminal growth rate to around zero, or increasing the dis-count rate by one percentage point, will not lead to impairment. Similarly, a decrease in sales growth of four percentage points during the forecast period, or a decrease in the adjusted EBITDA margin of five percentage points, will not lead to impairment.
The discounted cash flow from the budget and forecast period for Planetary Health Biosolutions significantly exceeds the carry-ing amount of goodwill and other intangible assets.
Critical accounting estimates
Management assesses the risk of impair-ment of the Group\u2019s goodwill and intangible assets. This requires judgment in relation to the identification of impairment indicators and cash-generating units (CGUs), and the underlying assumptions applied in impair-ment testing.
Goodwill is allocated to our operating seg-ments Food & Health Biosolutions and Planetary Health Biosolutions, based on the expected future cash flow from the assets acquired, as well as synergies identified.
Goodwill and intangibles not available for use are tested annually.
Impairment tests are based on Management\u2019s projections and the antici-pated net present value of estimated future cash flows (value-in-use).
The calculation of value-in-use is based on the discounted cash flow method, using estimates of future cash flows from the continuing use. The key parameters used in determining value-in-use are sales growth, adjusted EBITDA margins, discount rate, and growth expectations for the terminal period.
Accounting policies
Intangible assets are initially measured at cost and are subsequently measured at cost less accumulated amortization and impair-ment losses.
Intangible assets acquired in a business com-bination are recognized at fair value at the acquisition date. Goodwill is only arising from business combinations and is measured in the purchase price allocation.
Research expenses are recognized in the income statement in the period in which they are incurred. Development expenses are rec-ognized in the income statement when incurred, unless the criteria for capitalization are met.
Costs associated with the development of substantial software projects are capitalized if the costs are related to the development of new and improved systems, and if the Group has control and meets the criteria for capitali-zation.
Amortization is based on the straight-line method over the estimated useful lives when the assets are available for use:
\u2022\tTechnology and strain library: 7\u201325 years. The useful lives of patents and trade-marks are normally identical to the patent period. Licenses are amortized over the contractual period
\u2022\tCustomer relationships: 7\u201325 years
\u2022\tSoftware and IT projects: 3\u201310 years
\u2022\tProduct brands: 15\u201320 years
\u2022\tReacquired partnership agreement: 15 years
\u2022\tOther intangible assets: 3\u201320 years
Estimated useful lives and amortization meth-ods are reassessed annually.
Goodwill and intangible assets not available for use are not amortized but are subject to an annual impairment test, or when indicators of impairment are identified.
Goodwill is allocated to the cash-generating units as identified by Management, repre-senting the smallest group of assets which together generate incoming cash flow from the continued use of the assets, and which are independent of cash flow from other assets or groups of assets.
The Group regularly reviews the carrying amounts of the intangible assets, subject to amortization, to determine whether there is an indication of impairment. An impairment loss is measured based on discounted pro-jected cash flows and is recognized to the extent that the carrying amount of the assets exceeds its estimated recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.
Impairment
No impairment loss was recognized in 2025 or 2024.
Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized.
Assets under construction includes prepay-ments for property, plant and equipment, and assets under construction.
Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:
\u2022\tBuildings: 12\u201350 years
\u2022\tPlant and machinery: 5\u201325 years
\u2022\tOther equipment: 3\u201318 years
The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date. The impact that climate-related mat-ters, including both external factors and internal initiatives, may have on the useful lives of property, plant and equipment is considered as part of the review.
The Group regularly reviews the carrying amounts of its property, plant and equip-ment to determine whether there is any indication of impairment. If any such indica-tion exists, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss. If the recov-erable amount of an asset is estimated to be lower than its carrying amount, the car-rying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__74-1": { "value": "EUR million | Goodwill | Technology and strain library | Customer relationship | Software and other intangibles | Total |
Cost at January 1, 2025 | 5,605.0 | 3,611.4 | 1,085.0 | 556.1 | 10,857.5 |
Currency translation adjustments | (263.3) | (22.2) | (38.3) | (3.6) | (327.4) |
Additions from business acquisitions | 851.2 | 62.6 | 352.5 | 393.7 | 1,660.0 |
Additions during the year | - | - | - | 61.0 | 61.0 |
Disposals during the year | - | - | - | (1.3) | (1.3) |
Cost at December 31, 2025 | 6,192.9 | 3,651.8 | 1,399.2 | 1,005.9 | 12,249.8 |
Amortization and impairment losses at January 1, 2025 | |||||
(566.1) | (114.4) | (152.8) | (833.3) | ||
Currency translation adjustments | 7.5 | 3.0 | 1.0 | 11.5 | |
Amortization during the year | (196.5) | (63.0) | (58.7) | (318.2) | |
Impairment losses | (17.8) | (4.3) | - | (22.1) | |
Disposals during the year | - | - | 0.7 | 0.7 | |
Depreciation and impairment losses at December 31, 2025 | (772.9) | (178.7) | (209.8) | (1,161.4) | |
Carrying amount at December 31, 2025\t | 6,192.9 | 2,878.9 | 1,220.5 | 796.1 | 11,088.4 |
Recognition of amortization and impairment losses by function 2025 (2024)
EUR million
Cost of goods sold 153.4 (181.7)
Sales and distribution106.0 (68.4)
Research and development 73.6 (49.5)
Administration7.3 (5.2)
Special items0.0 (53.3)
Total340.3 (358.1)
EUR million | Goodwill | Technology and strain library | Customer relationships | Software and other intangibles | Total |
Cost at January 1, 2024 | 265.0 | 548.3 | 92.2 | 175.4 | 1,080.9 |
Currency translation adjustments | 30.8 | 1.9 | 8.0 | 1.1 | 41.8 |
Additions from business acquisitions | 5,309.2 | 3,061.0 | 984.8 | 358.3 | 9,713.3 |
Additions during the year | - | 0.2 | - | 21.3 | 21.5 |
Cost at December 31, 2024 | 5,605.0 | 3,611.4 | 1,085.0 | 556.1 | 10,857.5 |
Amortization and impairment losses at January 1, 2024 | |||||
(342.3) | (19.1) | (111.5) | (472.9) | ||
Currency translation adjustments | (1.7) | (0.4) | (0.2) | (2.3) | |
Amortization during the year | (199.8) | (63.9) | (41.1) | (304.8) | |
Impairment losses | (22.3) | (31.0) | - | (53.3) | |
Amortization and impairment losses at December 31, 2024 | |||||
(566.1) | (114.4) | (152.8) | (833.3) | ||
Carrying amount at December 31, 2024\t | 5,605.0 | 3,045.3 | 970.6 | 403.3 | 10,024.2 |
Intangible assets are initially measured at cost and are subsequently measured at cost less accumulated amortization and impair-ment losses.
Intangible assets acquired in a business com-bination are recognized at fair value at the acquisition date. Goodwill is only arising from business combinations and is measured in the purchase price allocation.
Research expenses are recognized in the income statement in the period in which they are incurred. Development expenses are rec-ognized in the income statement when incurred, unless the criteria for capitalization are met.
Costs associated with the development of substantial software projects are capitalized if the costs are related to the development of new and improved systems, and if the Group has control and meets the criteria for capitali-zation.
Amortization is based on the straight-line method over the estimated useful lives when the assets are available for use:
\u2022\tTechnology and strain library: 7\u201325 years. The useful lives of patents and trade-marks are normally identical to the patent period. Licenses are amortized over the contractual period
\u2022\tCustomer relationships: 7\u201325 years
\u2022\tSoftware and IT projects: 3\u201310 years
\u2022\tProduct brands: 15\u201320 years
\u2022\tReacquired partnership agreement: 15 years
\u2022\tOther intangible assets: 3\u201320 years
Estimated useful lives and amortization meth-ods are reassessed annually.
Goodwill and intangible assets not available for use are not amortized but are subject to an annual impairment test, or when indicators of impairment are identified.
Goodwill is allocated to the cash-generating units as identified by Management, repre-senting the smallest group of assets which together generate incoming cash flow from the continued use of the assets, and which are independent of cash flow from other assets or groups of assets.
The Group regularly reviews the carrying amounts of the intangible assets, subject to amortization, to determine whether there is an indication of impairment. An impairment loss is measured based on discounted pro-jected cash flows and is recognized to the extent that the carrying amount of the assets exceeds its estimated recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.
EUR million | Land and buildings | Plant and machinery | Other equipment | Assets under construction | Total |
Cost at January 1, 2025 | 1,691.8 | 2,213.5 | 481.5 | 619.8 | 5,006.6 |
Currency translation adjustments | (85.9) | (124.2) | (21.7) | (21.6) | (253.4) |
Additions during the year | 45.3 | 64.5 | 36.1 | 293.3 | 439.2 |
Disposals during the year | (13.5) | (22.7) | (19.5) | - | (55.7) |
Transfers to/(from) other items | 39.8 | 102.0 | 25.7 | (167.5) | - |
Cost at December 31, 2025 | 1,677.5 | 2,233.1 | 502.1 | 724.0 | 5,136.7 |
Depreciation and impairment losses at January 1, 2025 | |||||
(577.1) | (1,177.0) | (284.2) | (2,038.3) | ||
Currency translation adjustments | 31.6 | 64.0 | 14.7 | 110.3 | |
Depreciation during the year | (76.7) | (132.1) | (47.8) | (256.6) | |
Disposals during the year | 10.2 | 18.9 | 17.1 | 46.2 | |
Transfer to/(from) other items | (0.6) | 0.2 | 0.4 | - | |
Depreciation and impairment losses at December 31, 2025 | |||||
(612.6) | (1,226.0) | (299.8) | (2,138.4) | ||
Carrying amount at December 31, 2025 | 1,064.9 | 1,007.1 | 202.3 | 724.0 | 2,998.3 |
Recognition of depreciation by function 2025 (2024)
EUR million
Cost of goods sold 191.3(176.6)
Sales and distribution14.6 (11.5)
Research and development 34.3(30.3)
Administration16.4 (20.9)
Total256.6 (239.3)
EUR million | Land and buildings | Plant and machinery | Other equipment | Assets under construction | Total |
Cost at January 1, 2024 | 1,120.2 | 1,772.2 | 388.6 | 237.0 | 3,518.0 |
Currency translation adjustments | 28.5 | 46.1 | 5.1 | 6.1 | 85.8 |
Additions from business acquisitions | 476.5 | 344.3 | 64.2 | 277.7 | 1,162.7 |
Additions during the year | 30.7 | 40.9 | 35.0 | 252.3 | 358.9 |
Disposals during the year | (9.3) | (81.7) | (27.8) | - | (118.8) |
Transfers to/(from) other items | 45.2 | 91.7 | 16.4 | (153.3) | - |
Cost at December 31, 2024 | 1,691.8 | 2,213.5 | 481.5 | 619.8 | 5,006.6 |
Depreciation and impairment losses at January 1, 2024 | |||||
(501.1) | (1,107.6) | (255.5) | (1,864.2) | ||
Currency translation adjustments | (11.9) | (24.6) | (4.6) | (41.1) | |
Depreciation during the year | (70.0) | (124.0) | (45.3) | (239.3) | |
Disposals during the year | 5.9 | 79.2 | 21.2 | 106.3 | |
Depreciation and impairment losses at December 31, 2024 | |||||
(577.1) | (1,177.0) | (284.2) | (2,038.3) | ||
Carrying amount at December 31, 2024 | 1,114.7 | 1,036.5 | 197.3 | 619.8 | 2,968.3 |
Accounting policies
Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized.
Assets under construction includes prepay-ments for property, plant and equipment, and assets under construction.
Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:
\u2022\tBuildings: 12\u201350 years
\u2022\tPlant and machinery: 5\u201325 years
\u2022\tOther equipment: 3\u201318 years
The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date. The impact that climate-related mat-ters, including both external factors and internal initiatives, may have on the useful lives of property, plant and equipment is considered as part of the review.
The Group regularly reviews the carrying amounts of its property, plant and equip-ment to determine whether there is any indication of impairment. If any such indica-tion exists, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss. If the recov-erable amount of an asset is estimated to be lower than its carrying amount, the car-rying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.
Lease assets
Lease assets are \u2018right-of-use assets\u2019 from lease agreements. If, at inception, it is assessed that a contract contains a lease, a lease asset is recognized. Lease assets are initially measured at the present value of future lease payments, plus the cost of obli-gations to refurbish the asset. Payments include fixed payments, variable lease pay-ments depending on an index or a rate, and the exercise price of purchase options that are reasonably certain to be exercised.
Lease assets are depreciated using the straight-line method over the shorter of the expected lease term and the useful life of the underlying asset. Lease assets are tested for impairment whenever there is an indication that the assets may be impaired.
Lease assets are depreciated as follows:
\u2022\tBuildings: 1\u201325 years
\u2022\tLand: 10\u201390 years
\u2022\tPlant and machinery: 1\u201310 years
\u2022\tOther equipment: 1\u201310 years
Short-term leases and leases of low value are recognized as expenses in the income state-ment on a straight-line basis over the lease term.
Novonesis\u2019 portfolio of leases covers leases of land, buildings, plant and machinery, and other equipment, such as cars and transpor-tation containers.
Lease liabilities
Lease liabilities are initially recognized at the present value of future lease payments, including payments from extension or pur-chase options that are considered reasonably certain to be exercised.
The lease liability is measured using the implicit borrowing rate in the contracts or, where this is not available, the marginal bor-rowing rate in the countries in which Novonesis operates. Novonesis applies a sin-gle discount rate to portfolios of leases in the countries in which Novonesis operates, based on contract currency and loan periods.
If a lease contract is modified, the lease liabil-ity is remeasured. For building leases, lease terms are estimated, taking the size of the building and its strategic importance into consideration. Novonesis has entered into several open-ended building leases and building leases with extension options. Lease terms of such agreements are estimated based on the strategic importance of the buildings and the estimated time frame nec-essary to vacate the premises. The estimated lease term is reassessed at each reporting date. The estimated lease terms for such contracts do not exceed 25 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__80": { "value": "Intangible assets are initially measured at cost and are subsequently measured at cost less accumulated amortization and impair-ment losses.
Intangible assets acquired in a business com-bination are recognized at fair value at the acquisition date. Goodwill is only arising from business combinations and is measured in the purchase price allocation.
Research expenses are recognized in the income statement in the period in which they are incurred. Development expenses are rec-ognized in the income statement when incurred, unless the criteria for capitalization are met.
Costs associated with the development of substantial software projects are capitalized if the costs are related to the development of new and improved systems, and if the Group has control and meets the criteria for capitali-zation.
Amortization is based on the straight-line method over the estimated useful lives when the assets are available for use:
\u2022\tTechnology and strain library: 7\u201325 years. The useful lives of patents and trade-marks are normally identical to the patent period. Licenses are amortized over the contractual period
\u2022\tCustomer relationships: 7\u201325 years
\u2022\tSoftware and IT projects: 3\u201310 years
\u2022\tProduct brands: 15\u201320 years
\u2022\tReacquired partnership agreement: 15 years
\u2022\tOther intangible assets: 3\u201320 years
Estimated useful lives and amortization meth-ods are reassessed annually.
Goodwill and intangible assets not available for use are not amortized but are subject to an annual impairment test, or when indicators of impairment are identified.
Goodwill is allocated to the cash-generating units as identified by Management, repre-senting the smallest group of assets which together generate incoming cash flow from the continued use of the assets, and which are independent of cash flow from other assets or groups of assets.
The Group regularly reviews the carrying amounts of the intangible assets, subject to amortization, to determine whether there is an indication of impairment. An impairment loss is measured based on discounted pro-jected cash flows and is recognized to the extent that the carrying amount of the assets exceeds its estimated recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__81": { "value": "Intangible assets are initially measured at cost and are subsequently measured at cost less accumulated amortization and impair-ment losses.
Intangible assets acquired in a business com-bination are recognized at fair value at the acquisition date. Goodwill is only arising from business combinations and is measured in the purchase price allocation.
Research expenses are recognized in the income statement in the period in which they are incurred. Development expenses are rec-ognized in the income statement when incurred, unless the criteria for capitalization are met.
Costs associated with the development of substantial software projects are capitalized if the costs are related to the development of new and improved systems, and if the Group has control and meets the criteria for capitali-zation.
Amortization is based on the straight-line method over the estimated useful lives when the assets are available for use:
\u2022\tTechnology and strain library: 7\u201325 years. The useful lives of patents and trade-marks are normally identical to the patent period. Licenses are amortized over the contractual period
\u2022\tCustomer relationships: 7\u201325 years
\u2022\tSoftware and IT projects: 3\u201310 years
\u2022\tProduct brands: 15\u201320 years
\u2022\tReacquired partnership agreement: 15 years
\u2022\tOther intangible assets: 3\u201320 years
Estimated useful lives and amortization meth-ods are reassessed annually.
Goodwill and intangible assets not available for use are not amortized but are subject to an annual impairment test, or when indicators of impairment are identified.
Goodwill is allocated to the cash-generating units as identified by Management, repre-senting the smallest group of assets which together generate incoming cash flow from the continued use of the assets, and which are independent of cash flow from other assets or groups of assets.
The Group regularly reviews the carrying amounts of the intangible assets, subject to amortization, to determine whether there is an indication of impairment. An impairment loss is measured based on discounted pro-jected cash flows and is recognized to the extent that the carrying amount of the assets exceeds its estimated recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__82": { "value": "Intangible assets are initially measured at cost and are subsequently measured at cost less accumulated amortization and impair-ment losses.
Intangible assets acquired in a business com-bination are recognized at fair value at the acquisition date. Goodwill is only arising from business combinations and is measured in the purchase price allocation.
Research expenses are recognized in the income statement in the period in which they are incurred. Development expenses are rec-ognized in the income statement when incurred, unless the criteria for capitalization are met.
Costs associated with the development of substantial software projects are capitalized if the costs are related to the development of new and improved systems, and if the Group has control and meets the criteria for capitali-zation.
Amortization is based on the straight-line method over the estimated useful lives when the assets are available for use:
\u2022\tTechnology and strain library: 7\u201325 years. The useful lives of patents and trade-marks are normally identical to the patent period. Licenses are amortized over the contractual period
\u2022\tCustomer relationships: 7\u201325 years
\u2022\tSoftware and IT projects: 3\u201310 years
\u2022\tProduct brands: 15\u201320 years
\u2022\tReacquired partnership agreement: 15 years
\u2022\tOther intangible assets: 3\u201320 years
Estimated useful lives and amortization meth-ods are reassessed annually.
Goodwill and intangible assets not available for use are not amortized but are subject to an annual impairment test, or when indicators of impairment are identified.
Goodwill is allocated to the cash-generating units as identified by Management, repre-senting the smallest group of assets which together generate incoming cash flow from the continued use of the assets, and which are independent of cash flow from other assets or groups of assets.
The Group regularly reviews the carrying amounts of the intangible assets, subject to amortization, to determine whether there is an indication of impairment. An impairment loss is measured based on discounted pro-jected cash flows and is recognized to the extent that the carrying amount of the assets exceeds its estimated recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__83-1": { "value": "Intangible assets are initially measured at cost and are subsequently measured at cost less accumulated amortization and impair-ment losses.
Intangible assets acquired in a business com-bination are recognized at fair value at the acquisition date. Goodwill is only arising from business combinations and is measured in the purchase price allocation.
Research expenses are recognized in the income statement in the period in which they are incurred. Development expenses are rec-ognized in the income statement when incurred, unless the criteria for capitalization are met.
Costs associated with the development of substantial software projects are capitalized if the costs are related to the development of new and improved systems, and if the Group has control and meets the criteria for capitali-zation.
Amortization is based on the straight-line method over the estimated useful lives when the assets are available for use:
\u2022\tTechnology and strain library: 7\u201325 years. The useful lives of patents and trade-marks are normally identical to the patent period. Licenses are amortized over the contractual period
\u2022\tCustomer relationships: 7\u201325 years
\u2022\tSoftware and IT projects: 3\u201310 years
\u2022\tProduct brands: 15\u201320 years
\u2022\tReacquired partnership agreement: 15 years
\u2022\tOther intangible assets: 3\u201320 years
Estimated useful lives and amortization meth-ods are reassessed annually.
Goodwill and intangible assets not available for use are not amortized but are subject to an annual impairment test, or when indicators of impairment are identified.
Goodwill is allocated to the cash-generating units as identified by Management, repre-senting the smallest group of assets which together generate incoming cash flow from the continued use of the assets, and which are independent of cash flow from other assets or groups of assets.
The Group regularly reviews the carrying amounts of the intangible assets, subject to amortization, to determine whether there is an indication of impairment. An impairment loss is measured based on discounted pro-jected cash flows and is recognized to the extent that the carrying amount of the assets exceeds its estimated recoverable amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal.
Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized.
Assets under construction includes prepay-ments for property, plant and equipment, and assets under construction.
Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:
\u2022\tBuildings: 12\u201350 years
\u2022\tPlant and machinery: 5\u201325 years
\u2022\tOther equipment: 3\u201318 years
The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date. The impact that climate-related mat-ters, including both external factors and internal initiatives, may have on the useful lives of property, plant and equipment is considered as part of the review.
The Group regularly reviews the carrying amounts of its property, plant and equip-ment to determine whether there is any indication of impairment. If any such indica-tion exists, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss. If the recov-erable amount of an asset is estimated to be lower than its carrying amount, the car-rying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__84": { "value": "3.2 Property, plant and equipment
EUR million | Land and buildings | Plant and machinery | Other equipment | Assets under construction | Total |
Cost at January 1, 2025 | 1,691.8 | 2,213.5 | 481.5 | 619.8 | 5,006.6 |
Currency translation adjustments | (85.9) | (124.2) | (21.7) | (21.6) | (253.4) |
Additions during the year | 45.3 | 64.5 | 36.1 | 293.3 | 439.2 |
Disposals during the year | (13.5) | (22.7) | (19.5) | - | (55.7) |
Transfers to/(from) other items | 39.8 | 102.0 | 25.7 | (167.5) | - |
Cost at December 31, 2025 | 1,677.5 | 2,233.1 | 502.1 | 724.0 | 5,136.7 |
Depreciation and impairment losses at January 1, 2025 | |||||
(577.1) | (1,177.0) | (284.2) | (2,038.3) | ||
Currency translation adjustments | 31.6 | 64.0 | 14.7 | 110.3 | |
Depreciation during the year | (76.7) | (132.1) | (47.8) | (256.6) | |
Disposals during the year | 10.2 | 18.9 | 17.1 | 46.2 | |
Transfer to/(from) other items | (0.6) | 0.2 | 0.4 | - | |
Depreciation and impairment losses at December 31, 2025 | |||||
(612.6) | (1,226.0) | (299.8) | (2,138.4) | ||
Carrying amount at December 31, 2025 | 1,064.9 | 1,007.1 | 202.3 | 724.0 | 2,998.3 |
Recognition of depreciation by function 2025 (2024)
EUR million
Cost of goods sold 191.3(176.6)
Sales and distribution14.6 (11.5)
Research and development 34.3(30.3)
Administration16.4 (20.9)
Total256.6 (239.3)
Capitalized interest and pledges
Interest of EUR 5.6 million (2024: EUR 4.4 mil-lion) was capitalized under Additions during the year and recognized as Investing activi-ties in the statement of cash flows. Capitalization rate: 2.40% (2024: 1.85%).
Land and buildings with a carrying amount of EUR 233.8 million (2024: EUR 236.9 million) was pledged as security to credit institutions in respect of mortgage loans expiring in 2029 and 2039.
Impairment
No impairment loss was recognized in 2025 or 2024.
Contractual obligations
Contractual obligations to third parties relat-ing to investments in property, plant and equipment amounted to EUR 114.0 million (2024: EUR 133.3 million).
EUR million | Land and buildings | Plant and machinery | Other equipment | Assets under construction | Total |
Cost at January 1, 2024 | 1,120.2 | 1,772.2 | 388.6 | 237.0 | 3,518.0 |
Currency translation adjustments | 28.5 | 46.1 | 5.1 | 6.1 | 85.8 |
Additions from business acquisitions | 476.5 | 344.3 | 64.2 | 277.7 | 1,162.7 |
Additions during the year | 30.7 | 40.9 | 35.0 | 252.3 | 358.9 |
Disposals during the year | (9.3) | (81.7) | (27.8) | - | (118.8) |
Transfers to/(from) other items | 45.2 | 91.7 | 16.4 | (153.3) | - |
Cost at December 31, 2024 | 1,691.8 | 2,213.5 | 481.5 | 619.8 | 5,006.6 |
Depreciation and impairment losses at January 1, 2024 | |||||
(501.1) | (1,107.6) | (255.5) | (1,864.2) | ||
Currency translation adjustments | (11.9) | (24.6) | (4.6) | (41.1) | |
Depreciation during the year | (70.0) | (124.0) | (45.3) | (239.3) | |
Disposals during the year | 5.9 | 79.2 | 21.2 | 106.3 | |
Depreciation and impairment losses at December 31, 2024 | |||||
(577.1) | (1,177.0) | (284.2) | (2,038.3) | ||
Carrying amount at December 31, 2024 | 1,114.7 | 1,036.5 | 197.3 | 619.8 | 2,968.3 |
Accounting policies
Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized.
Assets under construction includes prepay-ments for property, plant and equipment, and assets under construction.
Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:
\u2022\tBuildings: 12\u201350 years
\u2022\tPlant and machinery: 5\u201325 years
\u2022\tOther equipment: 3\u201318 years
The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date. The impact that climate-related mat-ters, including both external factors and internal initiatives, may have on the useful lives of property, plant and equipment is considered as part of the review.
The Group regularly reviews the carrying amounts of its property, plant and equip-ment to determine whether there is any indication of impairment. If any such indica-tion exists, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss. If the recov-erable amount of an asset is estimated to be lower than its carrying amount, the car-rying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.
Capitalized interest and pledges
Interest of EUR 5.6 million (2024: EUR 4.4 mil-lion) was capitalized under Additions during the year and recognized as Investing activi-ties in the statement of cash flows. Capitalization rate: 2.40% (2024: 1.85%).
Land and buildings with a carrying amount of EUR 233.8 million (2024: EUR 236.9 million) was pledged as security to credit institutions in respect of mortgage loans expiring in 2029 and 2039.
Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized.
Assets under construction includes prepay-ments for property, plant and equipment, and assets under construction.
Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:
\u2022\tBuildings: 12\u201350 years
\u2022\tPlant and machinery: 5\u201325 years
\u2022\tOther equipment: 3\u201318 years
The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date. The impact that climate-related mat-ters, including both external factors and internal initiatives, may have on the useful lives of property, plant and equipment is considered as part of the review.
The Group regularly reviews the carrying amounts of its property, plant and equip-ment to determine whether there is any indication of impairment. If any such indica-tion exists, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss. If the recov-erable amount of an asset is estimated to be lower than its carrying amount, the car-rying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__87": { "value": "Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized.
Assets under construction includes prepay-ments for property, plant and equipment, and assets under construction.
Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:
\u2022\tBuildings: 12\u201350 years
\u2022\tPlant and machinery: 5\u201325 years
\u2022\tOther equipment: 3\u201318 years
The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date. The impact that climate-related mat-ters, including both external factors and internal initiatives, may have on the useful lives of property, plant and equipment is considered as part of the review.
The Group regularly reviews the carrying amounts of its property, plant and equip-ment to determine whether there is any indication of impairment. If any such indica-tion exists, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss. If the recov-erable amount of an asset is estimated to be lower than its carrying amount, the car-rying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__96": { "value": "Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized.
Assets under construction includes prepay-ments for property, plant and equipment, and assets under construction.
Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:
\u2022\tBuildings: 12\u201350 years
\u2022\tPlant and machinery: 5\u201325 years
\u2022\tOther equipment: 3\u201318 years
The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date. The impact that climate-related mat-ters, including both external factors and internal initiatives, may have on the useful lives of property, plant and equipment is considered as part of the review.
The Group regularly reviews the carrying amounts of its property, plant and equip-ment to determine whether there is any indication of impairment. If any such indica-tion exists, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss. If the recov-erable amount of an asset is estimated to be lower than its carrying amount, the car-rying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__97": { "value": "Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized.
Assets under construction includes prepay-ments for property, plant and equipment, and assets under construction.
Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:
\u2022\tBuildings: 12\u201350 years
\u2022\tPlant and machinery: 5\u201325 years
\u2022\tOther equipment: 3\u201318 years
The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date. The impact that climate-related mat-ters, including both external factors and internal initiatives, may have on the useful lives of property, plant and equipment is considered as part of the review.
The Group regularly reviews the carrying amounts of its property, plant and equip-ment to determine whether there is any indication of impairment. If any such indica-tion exists, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss. If the recov-erable amount of an asset is estimated to be lower than its carrying amount, the car-rying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__98-1": { "value": "3.3 Leases
EUR million | 2025 | 2024 |
Land and buildings | 169.6 | 177.4 |
Plant and machinery | 10.4 | 11.3 |
Other equipment | 15.3 | 13.6 |
Carrying amount of lease assets | 195.3 | 202.3 |
Lease liabilities | ||
Less than 1 year | 30.4 | 29.5 |
Between 1 and 5 years | 60.1 | 62.6 |
More than 5 years | 103.6 | 103.7 |
Undiscounted lease liabilities at December 31 | 194.1 | 195.8 |
Amounts recognized in the income statement: | ||
Interest on lease liabilities | 7.3 | 6.8 |
Depreciation of lease assets per asset class: | ||
Land and buildings | 21.3 | 20.8 |
Plant and machinery | 0.9 | 1.0 |
Other equipment | 8.4 | 7.8 |
Depreciation of lease assets | 30.6 | 29.6 |
Amounts recognized in the statement of cash flows: | ||
Total cash outflow for leases | 34.6 | 34.6 |
Leases of land and buildings include a lease relating to company offices in Hoersholm, Denmark. Management has assessed that the remaining lease term for this lease, including a five-year extension option, is 24 years.
Additions to the lease assets during 2025 amounted to EUR 29.4 million (2024: EUR 187.6 million), none of which is from business acquisitions (2024: EUR 160.0 million).
Accounting policies
Lease assets
Lease assets are \u2018right-of-use assets\u2019 from lease agreements. If, at inception, it is assessed that a contract contains a lease, a lease asset is recognized. Lease assets are initially measured at the present value of future lease payments, plus the cost of obli-gations to refurbish the asset. Payments include fixed payments, variable lease pay-ments depending on an index or a rate, and the exercise price of purchase options that are reasonably certain to be exercised.
Lease assets are depreciated using the straight-line method over the shorter of the expected lease term and the useful life of the underlying asset. Lease assets are tested for impairment whenever there is an indication that the assets may be impaired.
Lease assets are depreciated as follows:
\u2022\tBuildings: 1\u201325 years
\u2022\tLand: 10\u201390 years
\u2022\tPlant and machinery: 1\u201310 years
\u2022\tOther equipment: 1\u201310 years
Short-term leases and leases of low value are recognized as expenses in the income state-ment on a straight-line basis over the lease term.
Novonesis\u2019 portfolio of leases covers leases of land, buildings, plant and machinery, and other equipment, such as cars and transpor-tation containers.
Lease liabilities
Lease liabilities are initially recognized at the present value of future lease payments, including payments from extension or pur-chase options that are considered reasonably certain to be exercised.
The lease liability is measured using the implicit borrowing rate in the contracts or, where this is not available, the marginal bor-rowing rate in the countries in which Novonesis operates. Novonesis applies a sin-gle discount rate to portfolios of leases in the countries in which Novonesis operates, based on contract currency and loan periods.
If a lease contract is modified, the lease liabil-ity is remeasured. For building leases, lease terms are estimated, taking the size of the building and its strategic importance into consideration. Novonesis has entered into several open-ended building leases and building leases with extension options. Lease terms of such agreements are estimated based on the strategic importance of the buildings and the estimated time frame nec-essary to vacate the premises. The estimated lease term is reassessed at each reporting date. The estimated lease terms for such contracts do not exceed 25 years.
4.3 Borrowings
EUR million | 2025 | 2024 |
Credit institutions | 2,813.5 | 1,576.1 |
Lease liabilities | 189.6 | 193.9 |
Derivatives | 2.3 | 26.8 |
Borrowings at December 31 | 3,005.4 | 1,796.8 |
Recognized in the balance sheet as follows: | ||
Non-current | 1,303.9 | 1,530.4 |
Current | 1,701.5 | 266.4 |
Borrowings at December 31 | 3,005.4 | 1,796.8 |
EUR million | 2025 | 2024 |
Contractual maturities incl. interest for credit institutions* | ||
Less than 1 year | 1,733.0 | 245.2 |
Between 1 and 5 years | 1,070.8 | 1,169.3 |
More than 5 years | 154.8 | 276.8 |
Undiscounted credit institutions at December 31 | 2,958.6 | 1,691.3 |
*\tIncludes effects from interest rate swaps.
Credit institutions \u2013 currency 2025 (2024)
EUR million
EUR 2,345.4(999.0)
DKK468.1(577.1)
Total2,813.5(1,576.1)
Credit institutions (incl. hedging) \u2013 fixed or floating interest rate 2025 (2024)
EUR million
Fixed interest rate904.5(1,007.0)
Floating interest rate1,909.0(569.1)
Total2,813.5(1,576.1)
2025 | 2024 | |||||
EUR million | Credit institutions | Lease liabilities | Total | Credit institutions | Lease liabilities | Total |
Liabilities from financing activities at January 1 | ||||||
1,576.1 | 193.9 | 1,770.0 | 988.2 | 49.4 | 1,037.6 | |
Additions from business acquisitions | ||||||
- | - | - | 963.5 | 160.0 | 1,123.5 | |
Financing cash flow | 1,239.2 | (27.3) | 1,211.9 | (377.5) | (27.8) | (405.3) |
Currency translation adjustments | ||||||
(1.8) | (3.8) | (5.6) | 1.9 | (0.3) | 1.6 | |
Other changes* | - | 26.8 | 26.8 | - | 12.6 | 12.6 |
Total liabilities from financing activities at December 31 | ||||||
2,813.5 | 189.6 | 3,003.1 | 1,576.1 | 193.9 | 1,770.0 |
*\tOther changes include changes in lease liabilities from new or terminated leases and accrued interest expenses, which will be presented as operating cash flow in the statement of cash flows when paid.
Lease assets
Lease assets are \u2018right-of-use assets\u2019 from lease agreements. If, at inception, it is assessed that a contract contains a lease, a lease asset is recognized. Lease assets are initially measured at the present value of future lease payments, plus the cost of obli-gations to refurbish the asset. Payments include fixed payments, variable lease pay-ments depending on an index or a rate, and the exercise price of purchase options that are reasonably certain to be exercised.
Lease assets are depreciated using the straight-line method over the shorter of the expected lease term and the useful life of the underlying asset. Lease assets are tested for impairment whenever there is an indication that the assets may be impaired.
Lease assets are depreciated as follows:
\u2022\tBuildings: 1\u201325 years
\u2022\tLand: 10\u201390 years
\u2022\tPlant and machinery: 1\u201310 years
\u2022\tOther equipment: 1\u201310 years
Short-term leases and leases of low value are recognized as expenses in the income state-ment on a straight-line basis over the lease term.
Novonesis\u2019 portfolio of leases covers leases of land, buildings, plant and machinery, and other equipment, such as cars and transpor-tation containers.
Lease liabilities
Lease liabilities are initially recognized at the present value of future lease payments, including payments from extension or pur-chase options that are considered reasonably certain to be exercised.
The lease liability is measured using the implicit borrowing rate in the contracts or, where this is not available, the marginal bor-rowing rate in the countries in which Novonesis operates. Novonesis applies a sin-gle discount rate to portfolios of leases in the countries in which Novonesis operates, based on contract currency and loan periods.
If a lease contract is modified, the lease liabil-ity is remeasured. For building leases, lease terms are estimated, taking the size of the building and its strategic importance into consideration. Novonesis has entered into several open-ended building leases and building leases with extension options. Lease terms of such agreements are estimated based on the strategic importance of the buildings and the estimated time frame nec-essary to vacate the premises. The estimated lease term is reassessed at each reporting date. The estimated lease terms for such contracts do not exceed 25 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__101": { "value": "3.4 Inventories
EUR million | 2025 | 2024 |
Raw materials and consumables | 104.0 | 108.4 |
Work in progress | 262.5 | 255.2 |
Finished goods | 405.7 | 357.0 |
Inventories at December 31 | 772.2 | 720.6 |
Amount of inventories recognized in Cost of goods sold, incl. inventory step-up* | ||
1,571.9 | 1,661.9 | |
Indirect production costs capitalized in inventories at December 31 | 294.7 | 266.0 |
Write-downs expensed during the year | 26.0 | 17.6 |
Reversal of write-downs during the year** | 13.7 | 16.6 |
*\tFrom 2025, more costs are allocated directly at the product level. Comparative figures for 2024 have been restated to reflect the same methodology.
**\tPart of the reversal of write-downs is attributable to written-down inventory being reused in production.
Accounting policies
Inventories are measured at the lower of cost determined on a first-in first-out basis and net realizable value.
The cost of work in progress and finished goods comprises direct production costs such as raw materials and consumables; energy and labor directly attributable to production; and indirect production costs such as employee expenses, maintenance, and depreciation of plants, etc.
Indirect production costs are assessed on an ongoing basis to ensure reliable meas-urement of employee expenses, capacity utilization, cost drivers, and other relevant factors.
If the expected selling price, less any com-pletion costs and expenses to execute the sale (net realizable value) of inventories, is lower than the carrying amount, inventories are written down to net realizable value.
Novonesis has entered into a few agree-ments where Novonesis supplies goods to a customer\u2019s premises but retains title to the inventory until the goods are consumed in the customer\u2019s production. As long as Novonesis retains title to the goods, they are recognized as inventory.
Inventories are measured at the lower of cost determined on a first-in first-out basis and net realizable value.
The cost of work in progress and finished goods comprises direct production costs such as raw materials and consumables; energy and labor directly attributable to production; and indirect production costs such as employee expenses, maintenance, and depreciation of plants, etc.
Indirect production costs are assessed on an ongoing basis to ensure reliable meas-urement of employee expenses, capacity utilization, cost drivers, and other relevant factors.
If the expected selling price, less any com-pletion costs and expenses to execute the sale (net realizable value) of inventories, is lower than the carrying amount, inventories are written down to net realizable value.
Novonesis has entered into a few agree-ments where Novonesis supplies goods to a customer\u2019s premises but retains title to the inventory until the goods are consumed in the customer\u2019s production. As long as Novonesis retains title to the goods, they are recognized as inventory.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__104": { "value": "3.5 Trade receivables
EUR million | 2025 | 2024 |
Trade receivables, gross | 734.2 | 686.7 |
Allowances | (17.7) | (21.1) |
Trade receivables at December 31 | 716.5 | 665.6 |
Aging of trade receivables, gross: | ||
Up to 30 days | 694.2 | 646.6 |
Between 30 and 90 days | 19.9 | 18.6 |
More than 90 days | 20.1 | 21.5 |
Trade receivables, gross, at December 31 | 734.2 | 686.7 |
Changes in allowances for trade receivables: | ||
At January 1 | 21.1 | 19.8 |
Additions from business acquisitions | - | 3.1 |
Allowances during the year | 3.8 | 3.5 |
Write-offs during the year | (1.4) | (1.4) |
Reversed allowances | (5.8) | (3.9) |
Allowances at December 31 | 17.7 | 21.1 |
Allowance for credit losses on trade receivables
The allowance for expected credit losses on trade receivables is based on historical credit loss experience, combined with forward-look-ing information on macroeconomic factors affecting the credit risk. The expected loss rates are updated at each reporting date.
Accounting policies
Trade receivables are measured at amortized cost less allowance for life-time expected credit losses.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and days past due. Furthermore, an allowance for lifetime expected credit losses for trade receivables is recognized on initial rec-ognition.
Trade receivables are written off when all possible options have been exhausted and there is no reasonable expectation of recovery.
The expense of allowances for expected credit losses and write-offs for trade receivables is recognized in Sales and distribution expenses.
3.5 Trade receivables
EUR million | 2025 | 2024 |
Trade receivables, gross | 734.2 | 686.7 |
Allowances | (17.7) | (21.1) |
Trade receivables at December 31 | 716.5 | 665.6 |
Aging of trade receivables, gross: | ||
Up to 30 days | 694.2 | 646.6 |
Between 30 and 90 days | 19.9 | 18.6 |
More than 90 days | 20.1 | 21.5 |
Trade receivables, gross, at December 31 | 734.2 | 686.7 |
Changes in allowances for trade receivables: | ||
At January 1 | 21.1 | 19.8 |
Additions from business acquisitions | - | 3.1 |
Allowances during the year | 3.8 | 3.5 |
Write-offs during the year | (1.4) | (1.4) |
Reversed allowances | (5.8) | (3.9) |
Allowances at December 31 | 17.7 | 21.1 |
Allowance for credit losses on trade receivables
The allowance for expected credit losses on trade receivables is based on historical credit loss experience, combined with forward-look-ing information on macroeconomic factors affecting the credit risk. The expected loss rates are updated at each reporting date.
Accounting policies
Trade receivables are measured at amortized cost less allowance for life-time expected credit losses.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and days past due. Furthermore, an allowance for lifetime expected credit losses for trade receivables is recognized on initial rec-ognition.
Trade receivables are written off when all possible options have been exhausted and there is no reasonable expectation of recovery.
The expense of allowances for expected credit losses and write-offs for trade receivables is recognized in Sales and distribution expenses.
Trade receivables are measured at amortized cost less allowance for life-time expected credit losses.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and days past due. Furthermore, an allowance for lifetime expected credit losses for trade receivables is recognized on initial rec-ognition.
Trade receivables are written off when all possible options have been exhausted and there is no reasonable expectation of recovery.
The expense of allowances for expected credit losses and write-offs for trade receivables is recognized in Sales and distribution expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__107-1": { "value": "3.6 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 distribu-tion activities. On June 2, 2025, Novonesis obtained the final regulatory approvals and successfully completed the acquisition of dsm-firmenich\u2019s share of the Feed Enzyme Alliance.
Novonesis and dsm-firmenich have worked together for over 25 years as partners on innovating and distributing enzymes for ani-mals in the Feed Enzyme Alliance, where Novonesis has contributed extensive exper-tise in high-quality enzyme development and production, while dsm-firmenich has contrib-uted a wide-reaching sales force with access to key industry customers. A strong relation-ship, business performance, and high level of trust have made the Feed Enzyme Alliance a sound business for both parties.
The acquisition was completed through the acquisition 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 mil-lion (net of cash) was paid in cash. The
acquisition has been 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 identi-fied 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 pending completion of the operational handover and integration in 2026.
The purchase price has provisionally been allocated to identifiable assets and liabilities of the Feed Enzyme Alliance, primarily cus-tomer relationships of EUR 352 million, other intangible assets of EUR 394 million, and technology-related patents of EUR 63 million.
Other intangible assets include product brands and the reacquired partnership agree-ment, which is the reacquired exclusivity right to sell and distribute certain Novonesis enzymes previously sold through the Feed Enzyme Alliance.
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, net | (179.5) |
Tax payables, net | (2.6) |
Other liabilities | (3.2) |
Liabilities | (185.3) |
Acquired net assets | 735.8 |
Purchase price | |
Cash consideration | 1,550.0 |
Deferred consideration | 37.0 |
Purchase price | 1,587.0 |
Goodwill | 851.2 |
Goodwill of EUR 851.2 million is provisionally recognized arising from the acquisition, which primarily relates to synergies from comple-mentary product offerings.
The acquisition is aligned with Novonesis\u2019 growth strategy and expands its presence across the animal biosolutions value chain. Novonesis is vertically integrating the com-plete value chain of the Alliance, adding dsm-firmenich\u2019s sales and distribution activi-ties 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 tech-nologies enhancing R&D and unleashing fur-ther innovation.
In addition, the goodwill relates to the assem-bled 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 meas-uring the acquired net assets and liabilities (excluding goodwill) based on the tax rates applicable.
The acquisition contributed EUR 53.8 million to net sales, approximately EUR 31 million to adjusted EBITDA, and approximately EUR -80 million to net profit during the period from June 2 to December 31, 2025.
If the acquisition had occurred on January 1, 2025, Novonesis would pro forma have reported net sales of approximately EUR 4,196 million, adjusted EBITDA of approximately EUR 1,565 million, and net profit of approximately EUR 582 million. The negative net profit contri-bution is derived from PPA inventory adjust-ments and the additional amortization related to the fair value step-ups on the identified assets of the acquiree.
Transaction and integration costs of EUR 28.3 million are recognized in Special items in the income statement.
Acquisitions in 2024
On January 29, 2024, the final regulatory approvals were obtained and the final regis-tration of the statutory merger between Novozymes A/S (\u2018Novozymes\u2019) and Chr. Hansen Holding A/S (\u2018Chr. Hansen\u2019) was suc-cessfully completed with the Danish Business Authority.
Fair value recognized at the acquisition date January 29, 2024: | |
EUR million | Chr. Hansen |
Assets | |
Other intangible assets | 4,404.1 |
Property, plant and equipment | 1,162.7 |
Financial assets | 20.9 |
Inventories | 393.4 |
Trade and other receivables | 207.3 |
Cash and cash equivalents | 38.1 |
Assets held for sale | 84.1 |
Assets | 6,310.6 |
Liabilities | |
Deferred tax liabilities, net | (1,088.3) |
Borrowings | (1,123.5) |
Tax payables, net | (83.3) |
Other liabilities | (244.9) |
Liabilities | (2,540.0) |
Acquired net assets | 3,770.6 |
Purchase price | |
Consideration in equity issuance | 9,079.8 |
Purchase price | 9,079.8 |
Goodwill | 5,309.2 |
The statutory merger was effected through an exchange of all shares of Chr. Hansen with a total of 187,298,646 newly issued shares in Novozymes A/S. The total consideration for Chr. Hansen Holding A/S amounts to EUR 9.1 billion based on a price per share of EUR 48.5 (DKK 361.4), equal to the closing share price of Novozymes A/S on Nasdaq Copenhagen on the date of the registration of the merger.
Chr. Hansen was a global, differentiated bio-science company that develops natural ingre-dient solutions for the food, nutritional, phar-maceutical and agricultural industries. Chr. Hansen\u2019s microbial and fermentation technol-ogy platforms, including a broad and relevant collection of around 50,000 microbial strains, have game-changing potential. As the world\u2019s most sustainable food ingredients company, Chr. Hansen touches the lives of more than 1 billion people every day.
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.
The purchase price allocation resulted in rec-ognition of a goodwill amount of EUR 5,309.2 million, technology-related assets of EUR 3,061.0 million, customer relationships of EUR 984.8 million, and brands and other intangible assets of EUR 358.3 million.
The goodwill arising from the merger primar-ily relates to synergies from complementary product offerings. The combination of Novozymes and Chr. Hansen will create a leading global biosolutions partner with a broad biological toolbox and a diversified portfolio in attractive markets. The combina-tion is an important step towards unlocking additional growth opportunities, as the com-bined scale, know-how, commercial strengths, and innovation excellence will drive value for the shareholders and customers. In addition, the goodwill relates to the Chr. Hansen assembled workforce, which cannot be rec-ognized separately from goodwill. The good-will is not tax-deductible.
Assets held for sale of EUR 84.1 million were related to the divested lactase enzyme busi-ness at the agreed sales price. The combined lactase enzyme business divestment was completed on November 26, 2024. Please refer to note 3.7 for further details.
Deferred tax liabilities include the deferredtax related to the fair value step-ups on meas-uring the acquired net assets and liabilities(excluding goodwill) based on the tax rates applicable.
Fair value of receivables and liabilities has been measured at the contractual amount expected to be received or paid. In addition, collectability has been taken into considera-tion on trade receivables.
The merger contributed EUR 1,257 million to net sales, approximately EUR 430 million to adjusted EBITDA, and approximately EUR -130 million to net profit during the period from January 29 to December 31, 2024.If the merger had occurred on January 1, 2024, the contribution to net sales would have been approximately EUR 1,369 million, approximately EUR 465 million to adjusted EBITDA, and approximately EUR -160 million to net profit. The negative net profit contribu-tion was impacted by special items, the inven-tory step-up of EUR 183.9 million, and addi-tional depreciation and amortization of EUR 272.7 million related to the fair value step-ups on the identified assets of Chr. Hansen.
Transaction costs of EUR 36.0 million were recognized within Special items in the income statement, and transaction costs related to the issuance of shares of EUR 5.0 million were recognized within equity in 2024.
Critical 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 cus-tomer relationships, reacquired partnership agreement, patents 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 par-ticularly 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 intangible assets acquired:
\u2022\tReacquired partnership agreement: the Multi-period Excess Earnings Method (MEEM)
\u2022\tCustomer relationships: the Allowed Margin Method
\u2022\tProduct 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 pro-jections, valuation period, discount factor, as well as churn and royalty rates.Useful life for the reacquired partnership agreement is 15 years, equivalent to the estimated useful life of the feed enzymes in the Alliance at the acquisition date.
Fair value of inventories is based on the expected selling price less costs to com-plete and a reasonable margin.
Management has engaged external experts to support the purchase price allocation and fair value assessment.
Accounting policies
Business combinations are accounted for using the acquisition method. The purchase price includes the consideration trans-ferred, shares issued and fair value at the acquisition date of any contingent consid-eration arrangement.
The purchase price is allocated to the iden-tifiable assets and liabilities, non-controlling interests in the acquiree and contingent lia-bilities assumed, which are measured at fair value at the date of acquisition by applying relevant valuation methods.A reacquired right is recognized separately from goodwill. Contract terms that are favorable or unfavorable relative to current market transactions are accounted for as the settlement of a pre-existing relation-ship.
Goodwill is initially measured at cost, being the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed.
If, on the acquisition date, there are any uncertainties with respect to identifying or measuring the acquired net assets, the ini-tial recognition will be made on the basis of estimated fair values. The estimated fair values may be adjusted or additional assets or liabilities may be recognized during the measurement period of up to 12 months, to reflect new information that becomes avail-able about conditions prevailing on the acquisition date. Such adjustments are made to the initial purchase price allocation as a restatement of prior information, including to the amount of goodwill.
Acquisition-related costs are expensed as incurred, except if related to the issue of equity securities.
3.7 Divestments
Divestments in 2025No divestments were made in 2025. Divestments in 2024
The combination of Novozymes and Chr. Hansen was approved by the European Commission under the condition of divesting a part of Novonesis\u2019 combined global lactase enzyme business. In 2023, a definitive agree-ment to sell the combined lactase enzyme business was entered into with Kerry Group plc (\u2018Kerry\u2019) and approved by the European Commission on January 26, 2024.
On November 26, 2024, the agreed carve-out activities were completed and approved by the European Commission. The lactase enzyme business was transferred to Kerry and the total consideration of EUR 144.5 mil-lion (net of cash) was received.
The divested lactase enzyme business included net assets of EUR 128.0 million and liabilities of EUR 3 million. Net assets mainly included intangible assets identified in con-nection with the Chr. Hansen purchase price allocation of EUR 84.1 million and production facilities of EUR 38.0 million.
The gain on sale before tax of EUR 12.7 million was recognized within Special items. Tax on the divestment of EUR 4.6 million was recog-nized within Tax in the income statement.
The divested lactase enzyme business was related to the Food & Health Biosolutions seg-ment.
Business combinations are accounted for using the acquisition method. The purchase price includes the consideration trans-ferred, shares issued and fair value at the acquisition date of any contingent consid-eration arrangement.
The purchase price is allocated to the iden-tifiable assets and liabilities, non-controlling interests in the acquiree and contingent lia-bilities assumed, which are measured at fair value at the date of acquisition by applying relevant valuation methods.A reacquired right is recognized separately from goodwill. Contract terms that are favorable or unfavorable relative to current market transactions are accounted for as the settlement of a pre-existing relation-ship.
Goodwill is initially measured at cost, being the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed.
If, on the acquisition date, there are any uncertainties with respect to identifying or measuring the acquired net assets, the ini-tial recognition will be made on the basis of estimated fair values. The estimated fair values may be adjusted or additional assets or liabilities may be recognized during the measurement period of up to 12 months, to reflect new information that becomes avail-able about conditions prevailing on the acquisition date. Such adjustments are made to the initial purchase price allocation as a restatement of prior information, including to the amount of goodwill.
Acquisition-related costs are expensed as incurred, except if related to the issue of equity securities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__109": { "value": "Business combinations are accounted for using the acquisition method. The purchase price includes the consideration trans-ferred, shares issued and fair value at the acquisition date of any contingent consid-eration arrangement.
The purchase price is allocated to the iden-tifiable assets and liabilities, non-controlling interests in the acquiree and contingent lia-bilities assumed, which are measured at fair value at the date of acquisition by applying relevant valuation methods.A reacquired right is recognized separately from goodwill. Contract terms that are favorable or unfavorable relative to current market transactions are accounted for as the settlement of a pre-existing relation-ship.
Goodwill is initially measured at cost, being the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed.
If, on the acquisition date, there are any uncertainties with respect to identifying or measuring the acquired net assets, the ini-tial recognition will be made on the basis of estimated fair values. The estimated fair values may be adjusted or additional assets or liabilities may be recognized during the measurement period of up to 12 months, to reflect new information that becomes avail-able about conditions prevailing on the acquisition date. Such adjustments are made to the initial purchase price allocation as a restatement of prior information, including to the amount of goodwill.
Acquisition-related costs are expensed as incurred, except if related to the issue of equity securities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__111": { "value": "4.1 Financial risk factors and risk management
Due to the international nature of Novonesis\u2019 operations, the Group\u2019s earnings and financial position are exposed to a number of financial risk factors. Financial risks are managed cen-trally for the entire Group. The Novonesis Treasury Policy is approved by the Board of Directors and sets the limits for the various financial risks and the derivatives used to hedge risk. The Treasury Policy is adjusted on an ongoing basis and adapted to the market situation. It contains rules for which deriva-tives can be used for hedging, which counter-parties can be used, and the risk profile that is to be applied.
Currency risk
Currency risk arises due to imbalances between cash flows.
Novonesis hedges expected net exposure (cash flow exposure) if it is determined that a movement in a foreign exchange rate will have a material impact on expected earnings/cash flow.
Hedging of currency risk is carried out in the currencies in which Novonesis has the largest exposures. Hedging is managed by entering into derivatives such as forward contracts, currency options and swaps. Loans and deposits in foreign currencies are also utilized for hedging purposes.
Hedge effectiveness is assessed on a regular basis by comparing changes in the timing and value of the expected exposure in the rele-vant currencies with the timing and value changes for the designated cash flow hedg-ing transaction.
Where deemed appropriate, currency risk related to net investments in foreign subsidi-aries is hedged by taking out loans and enter-ing into swaps. Currently, there are no open transactions used to hedge equity invest-ments.
Foreign exchange sensitivity \u2013 2025
The sensitivity analysis shows the impact on net profit and other comprehensive income of a 5% change in EUR versus the key currencies to which Novonesis was exposed to on December 31, 2025. The sensitivity analysis comprises effects from the Group\u2019s cash, trade receivables, trade payables, loans, cur-rent and non-current financial investments, lease liabilities, and derivatives. Anticipated currency transactions, investments in foreign subsidiaries, and non-current assets are not included.
The sensitivity analysis assumes that exchange rates change on December 31, 2025, while all other variables remain constant. The table shows the effect of an increase in exchange
rates. A decrease in exchange rates would have the opposite effect.
Foreign exchange sensitivity \u2013 2026 esti-mate
Adjusted EBITDA is exposed to exchange rate developments, as the effect of hedges is included in financial income/expenses. Adjusted EBITDA is mainly exposed to USD. A movement of 5% in the EUR/USD exchange rate would result in a change in the expected adjusted EBITDA for 2026 of around EUR 40\u201345 million (2025: 45\u201350 million). EBITDA is positively impacted by appreciation of the USD.
Of the expected USD cash flows for 2026, 72% has been hedged by forward contracts at an average rate of 1.15. As a result, the impact on net profit from changes in the EUR/USD exchange rate has been reduced significantly compared with the impact on adjusted EBITDA.
Interest rate risk
Interest rate risk arises in relation to inter-est-bearing assets and liabilities. In accord-ance with the Novonesis Treasury Policy, a minimum of 50% of loans must be at fixed interest rates. Hedging of the interest rate risk is managed by entering into fixed-rate loans and interest rate swaps.
Foreign exchange sensitivity analysis on financial instruments | |||||
2025 | 2024 | ||||
EUR million | Increase in exchange rates | Change in net profit | |||
Change in other comprehensive income | Change in net profit | ||||
Change in other comprehensive income | |||||
CNY | 5.0% | 0.3 | - | 0.1 | - |
INR | 5.0% | 0.2 | - | 0.2 | - |
USD | 5.0% | 0.4 | (26.1) | 0.5 | (28.7) |
Other | 5.0% | 2.5 | - | 1.4 | - |
Total at December 31 | 3.4 | (26.1) | 2.2 | (28.7) |
At December 31, 2025, 32% (2024: 64%) of the loan portfolio carried fixed interest rates. The bridge loan obtained to finance the acquisition of dsm-firmenich\u2019s share of the Feed Enzyme Alliance has temporarily reduced the portion of the loan portfolio with fixed interest rates below our policy minimum.
With the current hedging of interest rate risk, an increase of 1 percentage point in the aver-age interest rate on Novonesis\u2019 net inter-est-bearing debt would have a negative effect on net profit of EUR 16.4 million (2024: nega-tive effect of EUR 2.9 million).
Part of the Group\u2019s loan portfolio is subject to a customary financial covenant related to lev-erage, which is common for a company with the credit profile of Novonesis. The Group regularly monitors covenant compliance, which shows ample headroom.
Credit risk
Credit risk arises especially on cash and cash equivalents, derivatives, trade receivables, and contract assets. The credit risk on trade receivables is countered by thorough, regular analysis based on customer type, country and specific conditions. The credit risk on cash and cash equivalents and derivatives is
mitigated by the Treasury Policy, which limits exposure solely to counterparties that have an investment-grade credit rating. The credit risk is calculated on the basis of net market value and is governed by the Treasury Policy. Novonesis has entered into netting agree-ments with all the banks used for trading in financial instruments, which means that Novonesis\u2019 credit risk is limited to net assets. At December 31, 2025, the Group considered its maximum credit risk to be EUR 1,142.5 mil-lion (2024: EUR 1,073.6 million), which is the total of the Group\u2019s financial assets. At December 31, 2025, the maximum credit risk related to one counterparty was EUR 70.0 mil-lion (2024: EUR 70.6 million).
Liquidity risk
In connection with the Group\u2019s ongoing financing of operations, including refinancing, efforts are made to ensure adequate and flex-ible liquidity. This is guaranteed by using com-mitted credit facilities and by placing free funds in deposits, government bonds, or ultra-liquid mortgage bonds in accordance with the Treasury Policy.
At December 31, 2025, Novonesis\u2019 financial resources amounted to EUR 1,146.7 million (2024: EUR 1,075.0 million), consisting of cash,
cash equivalents, and undrawn committed credit facilities of EUR 871.4 million, which expire in 2026\u20132030. In connection with the acquisition of dsm-firmenich\u2019s share of the Feed Enzyme Alliance, a bridge loan of EUR 1,470 million, which expires in December 2026, was obtained. The loan will be refi-nanced in 2026.
With the exception of debt to credit institu-tions (see Note 4.3), the maturity dates are primarily within one year.
Novonesis has not arranged any supply-chain financing arrangements for the Group\u2019s sup-pliers.
Commodity price risk
Novonesis is exposed to price risk for elec-tricity in the Group\u2019s main production sites. In Denmark, the exposure is hedged for up to 12 months using forward contracts or by enter-ing into fixed price agreements with the sup-pliers. Of the expected electricity exposure in Denmark for 2026, 69% has been hedged.
Capital structure
Novonesis favors having a conservative bal-ance sheet, which is reflected by a target for net interest-bearing debt of around 1.5x
EBITDA. At December 31, 2025, the ratio was 1.9x. The above-target leverage is caused by the debt-financed acquisition of dsm-firmen-ich\u2019s share of the Feed Enzyme Alliance. The capital structure is mainly managed using two instruments:
1) Dividend payments, through which Novonesis aims for a payout ratio in the range of 40%\u201360% of the adjusted net profit. For the financial year 2025, the dividends com-prise an interim dividend of DKK 2.25 (EUR 0.30) and a proposed dividend of 4.25 (0.57 EUR), totalling an expected payout of EUR 405 million. The interim dividend of EUR 140.3 million was paid out in August 2025. For 2025, the payout ratio is expected to be 58.4%. For the financial year 2024, the dividends com-prised an interim dividend of DKK 2.00 (EUR 0.27) paid out in 2024, and an ordinary divi-dend of 4.20 (0.56 EUR), which was approved and paid out in 2025. This resulted in a total payout of EUR 387.2 million.
2) Share buybacks, where a program of EUR 99.9 million was executed in 2025. The shares acquired under the program will be used to meet obligations arising from employee share-based incentive programs.
Currency risk
Currency risk arises due to imbalances between cash flows.
Novonesis hedges expected net exposure (cash flow exposure) if it is determined that a movement in a foreign exchange rate will have a material impact on expected earnings/cash flow.
Hedging of currency risk is carried out in the currencies in which Novonesis has the largest exposures. Hedging is managed by entering into derivatives such as forward contracts, currency options and swaps. Loans and deposits in foreign currencies are also utilized for hedging purposes.
Hedge effectiveness is assessed on a regular basis by comparing changes in the timing and value of the expected exposure in the rele-vant currencies with the timing and value changes for the designated cash flow hedg-ing transaction.
Where deemed appropriate, currency risk related to net investments in foreign subsidi-aries is hedged by taking out loans and enter-ing into swaps. Currently, there are no open transactions used to hedge equity invest-ments.
Foreign exchange sensitivity \u2013 2025
The sensitivity analysis shows the impact on net profit and other comprehensive income of a 5% change in EUR versus the key currencies to which Novonesis was exposed to on December 31, 2025. The sensitivity analysis comprises effects from the Group\u2019s cash, trade receivables, trade payables, loans, cur-rent and non-current financial investments, lease liabilities, and derivatives. Anticipated currency transactions, investments in foreign subsidiaries, and non-current assets are not included.
The sensitivity analysis assumes that exchange rates change on December 31, 2025, while all other variables remain constant. The table shows the effect of an increase in exchange
rates. A decrease in exchange rates would have the opposite effect.
Foreign exchange sensitivity \u2013 2026 esti-mate
Adjusted EBITDA is exposed to exchange rate developments, as the effect of hedges is included in financial income/expenses. Adjusted EBITDA is mainly exposed to USD. A movement of 5% in the EUR/USD exchange rate would result in a change in the expected adjusted EBITDA for 2026 of around EUR 40\u201345 million (2025: 45\u201350 million). EBITDA is positively impacted by appreciation of the USD.
Of the expected USD cash flows for 2026, 72% has been hedged by forward contracts at an average rate of 1.15. As a result, the impact on net profit from changes in the EUR/USD exchange rate has been reduced significantly compared with the impact on adjusted EBITDA.
Foreign exchange sensitivity analysis on financial instruments | |||||
2025 | 2024 | ||||
EUR million | Increase in exchange rates | Change in net profit | |||
Change in other comprehensive income | Change in net profit | ||||
Change in other comprehensive income | |||||
CNY | 5.0% | 0.3 | - | 0.1 | - |
INR | 5.0% | 0.2 | - | 0.2 | - |
USD | 5.0% | 0.4 | (26.1) | 0.5 | (28.7) |
Other | 5.0% | 2.5 | - | 1.4 | - |
Total at December 31 | 3.4 | (26.1) | 2.2 | (28.7) |
Currency risk
Currency risk arises due to imbalances between cash flows.
Novonesis hedges expected net exposure (cash flow exposure) if it is determined that a movement in a foreign exchange rate will have a material impact on expected earnings/cash flow.
Hedging of currency risk is carried out in the currencies in which Novonesis has the largest exposures. Hedging is managed by entering into derivatives such as forward contracts, currency options and swaps. Loans and deposits in foreign currencies are also utilized for hedging purposes.
Hedge effectiveness is assessed on a regular basis by comparing changes in the timing and value of the expected exposure in the rele-vant currencies with the timing and value changes for the designated cash flow hedg-ing transaction.
Where deemed appropriate, currency risk related to net investments in foreign subsidi-aries is hedged by taking out loans and enter-ing into swaps. Currently, there are no open transactions used to hedge equity invest-ments.
Foreign exchange sensitivity \u2013 2025
The sensitivity analysis shows the impact on net profit and other comprehensive income of a 5% change in EUR versus the key currencies to which Novonesis was exposed to on December 31, 2025. The sensitivity analysis comprises effects from the Group\u2019s cash, trade receivables, trade payables, loans, cur-rent and non-current financial investments, lease liabilities, and derivatives. Anticipated currency transactions, investments in foreign subsidiaries, and non-current assets are not included.
The sensitivity analysis assumes that exchange rates change on December 31, 2025, while all other variables remain constant. The table shows the effect of an increase in exchange
rates. A decrease in exchange rates would have the opposite effect.
Foreign exchange sensitivity \u2013 2026 esti-mate
Adjusted EBITDA is exposed to exchange rate developments, as the effect of hedges is included in financial income/expenses. Adjusted EBITDA is mainly exposed to USD. A movement of 5% in the EUR/USD exchange rate would result in a change in the expected adjusted EBITDA for 2026 of around EUR 40\u201345 million (2025: 45\u201350 million). EBITDA is positively impacted by appreciation of the USD.
Of the expected USD cash flows for 2026, 72% has been hedged by forward contracts at an average rate of 1.15. As a result, the impact on net profit from changes in the EUR/USD exchange rate has been reduced significantly compared with the impact on adjusted EBITDA.
Interest rate risk
Interest rate risk arises in relation to inter-est-bearing assets and liabilities. In accord-ance with the Novonesis Treasury Policy, a minimum of 50% of loans must be at fixed interest rates. Hedging of the interest rate risk is managed by entering into fixed-rate loans and interest rate swaps.
Foreign exchange sensitivity analysis on financial instruments | |||||
2025 | 2024 | ||||
EUR million | Increase in exchange rates | Change in net profit | |||
Change in other comprehensive income | Change in net profit | ||||
Change in other comprehensive income | |||||
CNY | 5.0% | 0.3 | - | 0.1 | - |
INR | 5.0% | 0.2 | - | 0.2 | - |
USD | 5.0% | 0.4 | (26.1) | 0.5 | (28.7) |
Other | 5.0% | 2.5 | - | 1.4 | - |
Total at December 31 | 3.4 | (26.1) | 2.2 | (28.7) |
At December 31, 2025, 32% (2024: 64%) of the loan portfolio carried fixed interest rates. The bridge loan obtained to finance the acquisition of dsm-firmenich\u2019s share of the Feed Enzyme Alliance has temporarily reduced the portion of the loan portfolio with fixed interest rates below our policy minimum.
With the current hedging of interest rate risk, an increase of 1 percentage point in the aver-age interest rate on Novonesis\u2019 net inter-est-bearing debt would have a negative effect on net profit of EUR 16.4 million (2024: nega-tive effect of EUR 2.9 million).
Part of the Group\u2019s loan portfolio is subject to a customary financial covenant related to lev-erage, which is common for a company with the credit profile of Novonesis. The Group regularly monitors covenant compliance, which shows ample headroom.
Commodity price risk
Novonesis is exposed to price risk for elec-tricity in the Group\u2019s main production sites. In Denmark, the exposure is hedged for up to 12 months using forward contracts or by enter-ing into fixed price agreements with the sup-pliers. Of the expected electricity exposure in Denmark for 2026, 69% has been hedged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__115": { "value": "Credit risk
Credit risk arises especially on cash and cash equivalents, derivatives, trade receivables, and contract assets. The credit risk on trade receivables is countered by thorough, regular analysis based on customer type, country and specific conditions. The credit risk on cash and cash equivalents and derivatives is
mitigated by the Treasury Policy, which limits exposure solely to counterparties that have an investment-grade credit rating. The credit risk is calculated on the basis of net market value and is governed by the Treasury Policy. Novonesis has entered into netting agree-ments with all the banks used for trading in financial instruments, which means that Novonesis\u2019 credit risk is limited to net assets. At December 31, 2025, the Group considered its maximum credit risk to be EUR 1,142.5 mil-lion (2024: EUR 1,073.6 million), which is the total of the Group\u2019s financial assets. At December 31, 2025, the maximum credit risk related to one counterparty was EUR 70.0 mil-lion (2024: EUR 70.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__116": { "value": "Liquidity risk
In connection with the Group\u2019s ongoing financing of operations, including refinancing, efforts are made to ensure adequate and flex-ible liquidity. This is guaranteed by using com-mitted credit facilities and by placing free funds in deposits, government bonds, or ultra-liquid mortgage bonds in accordance with the Treasury Policy.
At December 31, 2025, Novonesis\u2019 financial resources amounted to EUR 1,146.7 million (2024: EUR 1,075.0 million), consisting of cash,
cash equivalents, and undrawn committed credit facilities of EUR 871.4 million, which expire in 2026\u20132030. In connection with the acquisition of dsm-firmenich\u2019s share of the Feed Enzyme Alliance, a bridge loan of EUR 1,470 million, which expires in December 2026, was obtained. The loan will be refi-nanced in 2026.
With the exception of debt to credit institu-tions (see Note 4.3), the maturity dates are primarily within one year.
Novonesis has not arranged any supply-chain financing arrangements for the Group\u2019s sup-pliers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__118": { "value": "Capital structure
Novonesis favors having a conservative bal-ance sheet, which is reflected by a target for net interest-bearing debt of around 1.5x
EBITDA. At December 31, 2025, the ratio was 1.9x. The above-target leverage is caused by the debt-financed acquisition of dsm-firmen-ich\u2019s share of the Feed Enzyme Alliance. The capital structure is mainly managed using two instruments:
1) Dividend payments, through which Novonesis aims for a payout ratio in the range of 40%\u201360% of the adjusted net profit. For the financial year 2025, the dividends com-prise an interim dividend of DKK 2.25 (EUR 0.30) and a proposed dividend of 4.25 (0.57 EUR), totalling an expected payout of EUR 405 million. The interim dividend of EUR 140.3 million was paid out in August 2025. For 2025, the payout ratio is expected to be 58.4%. For the financial year 2024, the dividends com-prised an interim dividend of DKK 2.00 (EUR 0.27) paid out in 2024, and an ordinary divi-dend of 4.20 (0.56 EUR), which was approved and paid out in 2025. This resulted in a total payout of EUR 387.2 million.
2) Share buybacks, where a program of EUR 99.9 million was executed in 2025. The shares acquired under the program will be used to meet obligations arising from employee share-based incentive programs.
4.2 Financial income and financial expenses
EUR million | 2025 | 2024 |
Interest income | 21.0 | 26.9 |
Gains on cash flow hedges | 14.4 | - |
Financial income | 35.4 | 26.9 |
Interest expenses | (61.0) | (69.6) |
Interest on lease liabilities | (7.3) | (6.8) |
Losses on cash flow hedges | - | (7.5) |
Losses on fair value hedges | (2.3) | (0.6) |
Losses on joint venture and minority ownership investments | - | (5.1) |
Other financial expenses | (12.3) | (12.0) |
Other foreign exchange losses, net | (19.3) | (5.7) |
Financial expenses | (102.2) | (107.3) |
Financial income/(expenses), net | (66.8) | (80.4) |
Accounting policies
Financial income and Financial expenses comprise interest income and interest expenses; realized and unrealized foreign exchange gains and losses; gains and losses on other finan-cial assets; and fair value adjustments of cash-settled share-based incentive programs.
Interest income and Interest expenses are measured at amortized cost for financial assets and liabilities.
Financial income and Financial expenses also include fair value adjust-ments of derivatives used to hedge assets and liabilities, and income and expenses relating to cash flow hedges that are transferred from Other com-prehensive income on realization of the hedged item.
4.2 Financial income and financial expenses
EUR million | 2025 | 2024 |
Interest income | 21.0 | 26.9 |
Gains on cash flow hedges | 14.4 | - |
Financial income | 35.4 | 26.9 |
Interest expenses | (61.0) | (69.6) |
Interest on lease liabilities | (7.3) | (6.8) |
Losses on cash flow hedges | - | (7.5) |
Losses on fair value hedges | (2.3) | (0.6) |
Losses on joint venture and minority ownership investments | - | (5.1) |
Other financial expenses | (12.3) | (12.0) |
Other foreign exchange losses, net | (19.3) | (5.7) |
Financial expenses | (102.2) | (107.3) |
Financial income/(expenses), net | (66.8) | (80.4) |
Accounting policies
Financial income and Financial expenses comprise interest income and interest expenses; realized and unrealized foreign exchange gains and losses; gains and losses on other finan-cial assets; and fair value adjustments of cash-settled share-based incentive programs.
Interest income and Interest expenses are measured at amortized cost for financial assets and liabilities.
Financial income and Financial expenses also include fair value adjust-ments of derivatives used to hedge assets and liabilities, and income and expenses relating to cash flow hedges that are transferred from Other com-prehensive income on realization of the hedged item.
4.2 Financial income and financial expenses
EUR million | 2025 | 2024 |
Interest income | 21.0 | 26.9 |
Gains on cash flow hedges | 14.4 | - |
Financial income | 35.4 | 26.9 |
Interest expenses | (61.0) | (69.6) |
Interest on lease liabilities | (7.3) | (6.8) |
Losses on cash flow hedges | - | (7.5) |
Losses on fair value hedges | (2.3) | (0.6) |
Losses on joint venture and minority ownership investments | - | (5.1) |
Other financial expenses | (12.3) | (12.0) |
Other foreign exchange losses, net | (19.3) | (5.7) |
Financial expenses | (102.2) | (107.3) |
Financial income/(expenses), net | (66.8) | (80.4) |
Accounting policies
Financial income and Financial expenses comprise interest income and interest expenses; realized and unrealized foreign exchange gains and losses; gains and losses on other finan-cial assets; and fair value adjustments of cash-settled share-based incentive programs.
Interest income and Interest expenses are measured at amortized cost for financial assets and liabilities.
Financial income and Financial expenses also include fair value adjust-ments of derivatives used to hedge assets and liabilities, and income and expenses relating to cash flow hedges that are transferred from Other com-prehensive income on realization of the hedged item.
4.2 Financial income and financial expenses
EUR million | 2025 | 2024 |
Interest income | 21.0 | 26.9 |
Gains on cash flow hedges | 14.4 | - |
Financial income | 35.4 | 26.9 |
Interest expenses | (61.0) | (69.6) |
Interest on lease liabilities | (7.3) | (6.8) |
Losses on cash flow hedges | - | (7.5) |
Losses on fair value hedges | (2.3) | (0.6) |
Losses on joint venture and minority ownership investments | - | (5.1) |
Other financial expenses | (12.3) | (12.0) |
Other foreign exchange losses, net | (19.3) | (5.7) |
Financial expenses | (102.2) | (107.3) |
Financial income/(expenses), net | (66.8) | (80.4) |
Accounting policies
Financial income and Financial expenses comprise interest income and interest expenses; realized and unrealized foreign exchange gains and losses; gains and losses on other finan-cial assets; and fair value adjustments of cash-settled share-based incentive programs.
Interest income and Interest expenses are measured at amortized cost for financial assets and liabilities.
Financial income and Financial expenses also include fair value adjust-ments of derivatives used to hedge assets and liabilities, and income and expenses relating to cash flow hedges that are transferred from Other com-prehensive income on realization of the hedged item.
4.2 Financial income and financial expenses
EUR million | 2025 | 2024 |
Interest income | 21.0 | 26.9 |
Gains on cash flow hedges | 14.4 | - |
Financial income | 35.4 | 26.9 |
Interest expenses | (61.0) | (69.6) |
Interest on lease liabilities | (7.3) | (6.8) |
Losses on cash flow hedges | - | (7.5) |
Losses on fair value hedges | (2.3) | (0.6) |
Losses on joint venture and minority ownership investments | - | (5.1) |
Other financial expenses | (12.3) | (12.0) |
Other foreign exchange losses, net | (19.3) | (5.7) |
Financial expenses | (102.2) | (107.3) |
Financial income/(expenses), net | (66.8) | (80.4) |
Accounting policies
Financial income and Financial expenses comprise interest income and interest expenses; realized and unrealized foreign exchange gains and losses; gains and losses on other finan-cial assets; and fair value adjustments of cash-settled share-based incentive programs.
Interest income and Interest expenses are measured at amortized cost for financial assets and liabilities.
Financial income and Financial expenses also include fair value adjust-ments of derivatives used to hedge assets and liabilities, and income and expenses relating to cash flow hedges that are transferred from Other com-prehensive income on realization of the hedged item.
4.2 Financial income and financial expenses
EUR million | 2025 | 2024 |
Interest income | 21.0 | 26.9 |
Gains on cash flow hedges | 14.4 | - |
Financial income | 35.4 | 26.9 |
Interest expenses | (61.0) | (69.6) |
Interest on lease liabilities | (7.3) | (6.8) |
Losses on cash flow hedges | - | (7.5) |
Losses on fair value hedges | (2.3) | (0.6) |
Losses on joint venture and minority ownership investments | - | (5.1) |
Other financial expenses | (12.3) | (12.0) |
Other foreign exchange losses, net | (19.3) | (5.7) |
Financial expenses | (102.2) | (107.3) |
Financial income/(expenses), net | (66.8) | (80.4) |
Accounting policies
Financial income and Financial expenses comprise interest income and interest expenses; realized and unrealized foreign exchange gains and losses; gains and losses on other finan-cial assets; and fair value adjustments of cash-settled share-based incentive programs.
Interest income and Interest expenses are measured at amortized cost for financial assets and liabilities.
Financial income and Financial expenses also include fair value adjust-ments of derivatives used to hedge assets and liabilities, and income and expenses relating to cash flow hedges that are transferred from Other com-prehensive income on realization of the hedged item.
Financial income and Financial expenses comprise interest income and interest expenses; realized and unrealized foreign exchange gains and losses; gains and losses on other finan-cial assets; and fair value adjustments of cash-settled share-based incentive programs.
Interest income and Interest expenses are measured at amortized cost for financial assets and liabilities.
Financial income and Financial expenses also include fair value adjust-ments of derivatives used to hedge assets and liabilities, and income and expenses relating to cash flow hedges that are transferred from Other com-prehensive income on realization of the hedged item.
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Interest income and Interest expenses are measured at amortized cost for financial assets and liabilities.
Financial income and Financial expenses also include fair value adjust-ments of derivatives used to hedge assets and liabilities, and income and expenses relating to cash flow hedges that are transferred from Other com-prehensive income on realization of the hedged item.
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Interest income and Interest expenses are measured at amortized cost for financial assets and liabilities.
Financial income and Financial expenses also include fair value adjust-ments of derivatives used to hedge assets and liabilities, and income and expenses relating to cash flow hedges that are transferred from Other com-prehensive income on realization of the hedged item.
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EUR million | 2025 | 2024 |
Credit institutions | 2,813.5 | 1,576.1 |
Lease liabilities | 189.6 | 193.9 |
Derivatives | 2.3 | 26.8 |
Borrowings at December 31 | 3,005.4 | 1,796.8 |
Recognized in the balance sheet as follows: | ||
Non-current | 1,303.9 | 1,530.4 |
Current | 1,701.5 | 266.4 |
Borrowings at December 31 | 3,005.4 | 1,796.8 |
EUR million | 2025 | 2024 |
Contractual maturities incl. interest for credit institutions* | ||
Less than 1 year | 1,733.0 | 245.2 |
Between 1 and 5 years | 1,070.8 | 1,169.3 |
More than 5 years | 154.8 | 276.8 |
Undiscounted credit institutions at December 31 | 2,958.6 | 1,691.3 |
*\tIncludes effects from interest rate swaps.
Credit institutions \u2013 currency 2025 (2024)
EUR million
EUR 2,345.4(999.0)
DKK468.1(577.1)
Total2,813.5(1,576.1)
Credit institutions (incl. hedging) \u2013 fixed or floating interest rate 2025 (2024)
EUR million
Fixed interest rate904.5(1,007.0)
Floating interest rate1,909.0(569.1)
Total2,813.5(1,576.1)
2025 | 2024 | |||||
EUR million | Credit institutions | Lease liabilities | Total | Credit institutions | Lease liabilities | Total |
Liabilities from financing activities at January 1 | ||||||
1,576.1 | 193.9 | 1,770.0 | 988.2 | 49.4 | 1,037.6 | |
Additions from business acquisitions | ||||||
- | - | - | 963.5 | 160.0 | 1,123.5 | |
Financing cash flow | 1,239.2 | (27.3) | 1,211.9 | (377.5) | (27.8) | (405.3) |
Currency translation adjustments | ||||||
(1.8) | (3.8) | (5.6) | 1.9 | (0.3) | 1.6 | |
Other changes* | - | 26.8 | 26.8 | - | 12.6 | 12.6 |
Total liabilities from financing activities at December 31 | ||||||
2,813.5 | 189.6 | 3,003.1 | 1,576.1 | 193.9 | 1,770.0 |
*\tOther changes include changes in lease liabilities from new or terminated leases and accrued interest expenses, which will be presented as operating cash flow in the statement of cash flows when paid.
4.3 Borrowings
EUR million | 2025 | 2024 |
Credit institutions | 2,813.5 | 1,576.1 |
Lease liabilities | 189.6 | 193.9 |
Derivatives | 2.3 | 26.8 |
Borrowings at December 31 | 3,005.4 | 1,796.8 |
Recognized in the balance sheet as follows: | ||
Non-current | 1,303.9 | 1,530.4 |
Current | 1,701.5 | 266.4 |
Borrowings at December 31 | 3,005.4 | 1,796.8 |
EUR million | 2025 | 2024 |
Contractual maturities incl. interest for credit institutions* | ||
Less than 1 year | 1,733.0 | 245.2 |
Between 1 and 5 years | 1,070.8 | 1,169.3 |
More than 5 years | 154.8 | 276.8 |
Undiscounted credit institutions at December 31 | 2,958.6 | 1,691.3 |
*\tIncludes effects from interest rate swaps.
Credit institutions \u2013 currency 2025 (2024)
EUR million
EUR 2,345.4(999.0)
DKK468.1(577.1)
Total2,813.5(1,576.1)
Credit institutions (incl. hedging) \u2013 fixed or floating interest rate 2025 (2024)
EUR million
Fixed interest rate904.5(1,007.0)
Floating interest rate1,909.0(569.1)
Total2,813.5(1,576.1)
2025 | 2024 | |||||
EUR million | Credit institutions | Lease liabilities | Total | Credit institutions | Lease liabilities | Total |
Liabilities from financing activities at January 1 | ||||||
1,576.1 | 193.9 | 1,770.0 | 988.2 | 49.4 | 1,037.6 | |
Additions from business acquisitions | ||||||
- | - | - | 963.5 | 160.0 | 1,123.5 | |
Financing cash flow | 1,239.2 | (27.3) | 1,211.9 | (377.5) | (27.8) | (405.3) |
Currency translation adjustments | ||||||
(1.8) | (3.8) | (5.6) | 1.9 | (0.3) | 1.6 | |
Other changes* | - | 26.8 | 26.8 | - | 12.6 | 12.6 |
Total liabilities from financing activities at December 31 | ||||||
2,813.5 | 189.6 | 3,003.1 | 1,576.1 | 193.9 | 1,770.0 |
*\tOther changes include changes in lease liabilities from new or terminated leases and accrued interest expenses, which will be presented as operating cash flow in the statement of cash flows when paid.
4.4 Derivatives \u2013 hedge accounting
2025 | 2024 | |||
EUR million | Contract amount based on agreed rates* | Fair value | Contract amount based on agreed rates* | Fair value |
Forward exchange contracts | ||||
BRL | 48.1 | 1.4 | 8.0 | 0.3 |
CHF | (51.2) | 0.1 | (4.3) | - |
CNH | (52.0) | 0.5 | (68.8) | 1.1 |
USD | 89.2 | 0.1 | 28.5 | (0.3) |
Other (purchase) | (8.1) | - | (16.7) | - |
Other (sale) | 65.0 | 0.4 | 43.5 | (0.2) |
Fair value hedges at December 31 | 91.0 | 2.5 | (9.8) | 0.9 |
*\tPositive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.
Fair value hedges
The table above shows the derivatives the Group has contracted to hedge currency exposure on financial assets and liabilities that give rise to currency adjustments in the income statement.
The forward exchange contracts mature in the period January 2026 to November 2026 (2024: January 2025 to November 2025).
There was no ineffectiveness in fair value hedges in 2025 or 2024.
2025 | 2024 | |||
EUR million | Contract amount based on agreed rates* | Fair value | Contract amount based on agreed rates* | Fair value |
Forward exchange contracts | ||||
USD | 521.7 | 15.6 | 545.9 | (22.9) |
521.7 | 15.6 | 545.9 | (22.9) | |
Interest rate swaps | ||||
DKK/DKK \u2013 floating to fixed rate | 151.9 | 3.6 | 194.9 | 1.3 |
EUR/EUR \u2013 floating to fixed rate | 457.5 | 6.1 | 496.1 | 10.0 |
609.4 | 9.7 | 691.0 | 11.3 | |
Forwards | ||||
Electricity price agreements | 7.5 | - | 3.6 | (0.3) |
7.5 | - | 3.6 | (0.3) | |
Cash flow hedges at December 31 | 1,138.6 | 25.3 | 1,240.5 | (11.9) |
*\tPositive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.
Cash flow hedges
The table above shows the derivatives the Group has contracted to hedge currency, interest rate and electricity price exposure in future cash flows.
The forward exchange contracts mature in the period January 2026 to December 2026 (2024: January 2025 to December 2025); the swaps mature in the period May 2026 to September 2034 (2024: June 2025 to September 2034);
and the electricity price agreements relate to 2026 and have final maturity in December 2026 (2024: March 2025 to December 2025).
At the end of 2025, the Group had hedged 72% of expected future cash flows in USD for 2026, at an average rate of EUR 1.15 (2024: 77% of expected future cash flows in USD for 2025, at an average rate of EUR 1.10).
The electricity price agreements have an average payment of EUR 78.1/MWh for 2026 (2024: average payment of EUR 77.8/MWh for 2025).
Accounting policies
Hedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings, respectively. Derivatives are recognized at the transaction date.
Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial expenses. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries
are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income.
Income and expenses relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other comprehensive income when the hedged transaction occurs. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income or Financial expenses, and electricity price agreements covering production-related electricity are recognized as part of Cost of goods sold.
4.6 Financial assets and liabilities by category
EUR million | Note | 2025 | 2024 |
Other financial assets | 1.2 | 3.4 | |
Trade receivables | 3.5 | 716.5 | 665.6 |
Contract assets | 35.9 | 23.6 | |
Other receivables, excl. prepaid expenses | 80.9 | 81.7 | |
Cash and cash equivalents | 275.3 | 280.0 | |
Financial assets at amortized cost | 1,109.8 | 1,054.3 | |
Derivatives | 2.8 | 2.8 | |
Other financial assets | 2.6 | 3.5 | |
Fair value through profit and loss | 5.4 | 6.3 | |
Derivatives | 27.3 | 13.0 | |
Fair value through other comprehensive income | 27.3 | 13.0 | |
Financial assets | 1,142.5 | 1,073.6 |
EUR million | Note | 2025 | 2024 |
Lease liabilities | 4.3 | 189.6 | 193.9 |
Credit institutions | 4.3 | 2,813.5 | 1,576.1 |
Trade payables | 420.8 | 423.1 | |
Other payables | 202.8 | 126.6 | |
Financial liabilities at amortized cost | 3,626.7 | 2,319.7 | |
Derivatives | 4.3 | 0.3 | 1.9 |
Fair value through profit and loss | 0.3 | 1.9 | |
Derivatives | 4.3 | 2.0 | 24.9 |
Fair value through other comprehensive income | 2.0 | 24.9 | |
Financial liabilities | 3,629.0 | 2,346.5 |
Fair value hierarchy
Novonesis has no financial instruments meas-ured at fair value on the basis of quoted prices (level 1 input).
For financial assets and financial liabilities measured at amortized cost (level 2 input), the carrying amounts approximate fair value. Derivatives are measured at fair value based on observable data (level 2 input). The deriv-atives are not traded in an active market
based on quoted prices, but on individual contracts. The fair value of these assets and liabilities is determined using valuation tech-niques that utilize market-based data such as exchange rates, interest rates, credit risk, electricity prices, and volatilities.
Other financial assets are measured at fair value based on non-observable data (level 3 input).
4.4 Derivatives \u2013 hedge accounting
2025 | 2024 | |||
EUR million | Contract amount based on agreed rates* | Fair value | Contract amount based on agreed rates* | Fair value |
Forward exchange contracts | ||||
BRL | 48.1 | 1.4 | 8.0 | 0.3 |
CHF | (51.2) | 0.1 | (4.3) | - |
CNH | (52.0) | 0.5 | (68.8) | 1.1 |
USD | 89.2 | 0.1 | 28.5 | (0.3) |
Other (purchase) | (8.1) | - | (16.7) | - |
Other (sale) | 65.0 | 0.4 | 43.5 | (0.2) |
Fair value hedges at December 31 | 91.0 | 2.5 | (9.8) | 0.9 |
*\tPositive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.
Fair value hedges
The table above shows the derivatives the Group has contracted to hedge currency exposure on financial assets and liabilities that give rise to currency adjustments in the income statement.
The forward exchange contracts mature in the period January 2026 to November 2026 (2024: January 2025 to November 2025).
There was no ineffectiveness in fair value hedges in 2025 or 2024.
2025 | 2024 | |||
EUR million | Contract amount based on agreed rates* | Fair value | Contract amount based on agreed rates* | Fair value |
Forward exchange contracts | ||||
USD | 521.7 | 15.6 | 545.9 | (22.9) |
521.7 | 15.6 | 545.9 | (22.9) | |
Interest rate swaps | ||||
DKK/DKK \u2013 floating to fixed rate | 151.9 | 3.6 | 194.9 | 1.3 |
EUR/EUR \u2013 floating to fixed rate | 457.5 | 6.1 | 496.1 | 10.0 |
609.4 | 9.7 | 691.0 | 11.3 | |
Forwards | ||||
Electricity price agreements | 7.5 | - | 3.6 | (0.3) |
7.5 | - | 3.6 | (0.3) | |
Cash flow hedges at December 31 | 1,138.6 | 25.3 | 1,240.5 | (11.9) |
*\tPositive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.
Cash flow hedges
The table above shows the derivatives the Group has contracted to hedge currency, interest rate and electricity price exposure in future cash flows.
The forward exchange contracts mature in the period January 2026 to December 2026 (2024: January 2025 to December 2025); the swaps mature in the period May 2026 to September 2034 (2024: June 2025 to September 2034);
and the electricity price agreements relate to 2026 and have final maturity in December 2026 (2024: March 2025 to December 2025).
At the end of 2025, the Group had hedged 72% of expected future cash flows in USD for 2026, at an average rate of EUR 1.15 (2024: 77% of expected future cash flows in USD for 2025, at an average rate of EUR 1.10).
The electricity price agreements have an average payment of EUR 78.1/MWh for 2026 (2024: average payment of EUR 77.8/MWh for 2025).
Accounting policies
Hedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings, respectively. Derivatives are recognized at the transaction date.
Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial expenses. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries
are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income.
Income and expenses relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other comprehensive income when the hedged transaction occurs. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income or Financial expenses, and electricity price agreements covering production-related electricity are recognized as part of Cost of goods sold.
4.6 Financial assets and liabilities by category
EUR million | Note | 2025 | 2024 |
Other financial assets | 1.2 | 3.4 | |
Trade receivables | 3.5 | 716.5 | 665.6 |
Contract assets | 35.9 | 23.6 | |
Other receivables, excl. prepaid expenses | 80.9 | 81.7 | |
Cash and cash equivalents | 275.3 | 280.0 | |
Financial assets at amortized cost | 1,109.8 | 1,054.3 | |
Derivatives | 2.8 | 2.8 | |
Other financial assets | 2.6 | 3.5 | |
Fair value through profit and loss | 5.4 | 6.3 | |
Derivatives | 27.3 | 13.0 | |
Fair value through other comprehensive income | 27.3 | 13.0 | |
Financial assets | 1,142.5 | 1,073.6 |
EUR million | Note | 2025 | 2024 |
Lease liabilities | 4.3 | 189.6 | 193.9 |
Credit institutions | 4.3 | 2,813.5 | 1,576.1 |
Trade payables | 420.8 | 423.1 | |
Other payables | 202.8 | 126.6 | |
Financial liabilities at amortized cost | 3,626.7 | 2,319.7 | |
Derivatives | 4.3 | 0.3 | 1.9 |
Fair value through profit and loss | 0.3 | 1.9 | |
Derivatives | 4.3 | 2.0 | 24.9 |
Fair value through other comprehensive income | 2.0 | 24.9 | |
Financial liabilities | 3,629.0 | 2,346.5 |
Fair value hierarchy
Novonesis has no financial instruments meas-ured at fair value on the basis of quoted prices (level 1 input).
For financial assets and financial liabilities measured at amortized cost (level 2 input), the carrying amounts approximate fair value. Derivatives are measured at fair value based on observable data (level 2 input). The deriv-atives are not traded in an active market
based on quoted prices, but on individual contracts. The fair value of these assets and liabilities is determined using valuation tech-niques that utilize market-based data such as exchange rates, interest rates, credit risk, electricity prices, and volatilities.
Other financial assets are measured at fair value based on non-observable data (level 3 input).
4.4 Derivatives \u2013 hedge accounting
2025 | 2024 | |||
EUR million | Contract amount based on agreed rates* | Fair value | Contract amount based on agreed rates* | Fair value |
Forward exchange contracts | ||||
BRL | 48.1 | 1.4 | 8.0 | 0.3 |
CHF | (51.2) | 0.1 | (4.3) | - |
CNH | (52.0) | 0.5 | (68.8) | 1.1 |
USD | 89.2 | 0.1 | 28.5 | (0.3) |
Other (purchase) | (8.1) | - | (16.7) | - |
Other (sale) | 65.0 | 0.4 | 43.5 | (0.2) |
Fair value hedges at December 31 | 91.0 | 2.5 | (9.8) | 0.9 |
*\tPositive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.
Fair value hedges
The table above shows the derivatives the Group has contracted to hedge currency exposure on financial assets and liabilities that give rise to currency adjustments in the income statement.
The forward exchange contracts mature in the period January 2026 to November 2026 (2024: January 2025 to November 2025).
There was no ineffectiveness in fair value hedges in 2025 or 2024.
2025 | 2024 | |||
EUR million | Contract amount based on agreed rates* | Fair value | Contract amount based on agreed rates* | Fair value |
Forward exchange contracts | ||||
USD | 521.7 | 15.6 | 545.9 | (22.9) |
521.7 | 15.6 | 545.9 | (22.9) | |
Interest rate swaps | ||||
DKK/DKK \u2013 floating to fixed rate | 151.9 | 3.6 | 194.9 | 1.3 |
EUR/EUR \u2013 floating to fixed rate | 457.5 | 6.1 | 496.1 | 10.0 |
609.4 | 9.7 | 691.0 | 11.3 | |
Forwards | ||||
Electricity price agreements | 7.5 | - | 3.6 | (0.3) |
7.5 | - | 3.6 | (0.3) | |
Cash flow hedges at December 31 | 1,138.6 | 25.3 | 1,240.5 | (11.9) |
*\tPositive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.
Cash flow hedges
The table above shows the derivatives the Group has contracted to hedge currency, interest rate and electricity price exposure in future cash flows.
The forward exchange contracts mature in the period January 2026 to December 2026 (2024: January 2025 to December 2025); the swaps mature in the period May 2026 to September 2034 (2024: June 2025 to September 2034);
and the electricity price agreements relate to 2026 and have final maturity in December 2026 (2024: March 2025 to December 2025).
At the end of 2025, the Group had hedged 72% of expected future cash flows in USD for 2026, at an average rate of EUR 1.15 (2024: 77% of expected future cash flows in USD for 2025, at an average rate of EUR 1.10).
The electricity price agreements have an average payment of EUR 78.1/MWh for 2026 (2024: average payment of EUR 77.8/MWh for 2025).
Accounting policies
Hedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings, respectively. Derivatives are recognized at the transaction date.
Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial expenses. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries
are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income.
Income and expenses relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other comprehensive income when the hedged transaction occurs. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income or Financial expenses, and electricity price agreements covering production-related electricity are recognized as part of Cost of goods sold.
4.6 Financial assets and liabilities by category
EUR million | Note | 2025 | 2024 |
Other financial assets | 1.2 | 3.4 | |
Trade receivables | 3.5 | 716.5 | 665.6 |
Contract assets | 35.9 | 23.6 | |
Other receivables, excl. prepaid expenses | 80.9 | 81.7 | |
Cash and cash equivalents | 275.3 | 280.0 | |
Financial assets at amortized cost | 1,109.8 | 1,054.3 | |
Derivatives | 2.8 | 2.8 | |
Other financial assets | 2.6 | 3.5 | |
Fair value through profit and loss | 5.4 | 6.3 | |
Derivatives | 27.3 | 13.0 | |
Fair value through other comprehensive income | 27.3 | 13.0 | |
Financial assets | 1,142.5 | 1,073.6 |
EUR million | Note | 2025 | 2024 |
Lease liabilities | 4.3 | 189.6 | 193.9 |
Credit institutions | 4.3 | 2,813.5 | 1,576.1 |
Trade payables | 420.8 | 423.1 | |
Other payables | 202.8 | 126.6 | |
Financial liabilities at amortized cost | 3,626.7 | 2,319.7 | |
Derivatives | 4.3 | 0.3 | 1.9 |
Fair value through profit and loss | 0.3 | 1.9 | |
Derivatives | 4.3 | 2.0 | 24.9 |
Fair value through other comprehensive income | 2.0 | 24.9 | |
Financial liabilities | 3,629.0 | 2,346.5 |
Fair value hierarchy
Novonesis has no financial instruments meas-ured at fair value on the basis of quoted prices (level 1 input).
For financial assets and financial liabilities measured at amortized cost (level 2 input), the carrying amounts approximate fair value. Derivatives are measured at fair value based on observable data (level 2 input). The deriv-atives are not traded in an active market
based on quoted prices, but on individual contracts. The fair value of these assets and liabilities is determined using valuation tech-niques that utilize market-based data such as exchange rates, interest rates, credit risk, electricity prices, and volatilities.
Other financial assets are measured at fair value based on non-observable data (level 3 input).
4.4 Derivatives \u2013 hedge accounting
2025 | 2024 | |||
EUR million | Contract amount based on agreed rates* | Fair value | Contract amount based on agreed rates* | Fair value |
Forward exchange contracts | ||||
BRL | 48.1 | 1.4 | 8.0 | 0.3 |
CHF | (51.2) | 0.1 | (4.3) | - |
CNH | (52.0) | 0.5 | (68.8) | 1.1 |
USD | 89.2 | 0.1 | 28.5 | (0.3) |
Other (purchase) | (8.1) | - | (16.7) | - |
Other (sale) | 65.0 | 0.4 | 43.5 | (0.2) |
Fair value hedges at December 31 | 91.0 | 2.5 | (9.8) | 0.9 |
*\tPositive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.
Fair value hedges
The table above shows the derivatives the Group has contracted to hedge currency exposure on financial assets and liabilities that give rise to currency adjustments in the income statement.
The forward exchange contracts mature in the period January 2026 to November 2026 (2024: January 2025 to November 2025).
There was no ineffectiveness in fair value hedges in 2025 or 2024.
2025 | 2024 | |||
EUR million | Contract amount based on agreed rates* | Fair value | Contract amount based on agreed rates* | Fair value |
Forward exchange contracts | ||||
USD | 521.7 | 15.6 | 545.9 | (22.9) |
521.7 | 15.6 | 545.9 | (22.9) | |
Interest rate swaps | ||||
DKK/DKK \u2013 floating to fixed rate | 151.9 | 3.6 | 194.9 | 1.3 |
EUR/EUR \u2013 floating to fixed rate | 457.5 | 6.1 | 496.1 | 10.0 |
609.4 | 9.7 | 691.0 | 11.3 | |
Forwards | ||||
Electricity price agreements | 7.5 | - | 3.6 | (0.3) |
7.5 | - | 3.6 | (0.3) | |
Cash flow hedges at December 31 | 1,138.6 | 25.3 | 1,240.5 | (11.9) |
*\tPositive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.
Cash flow hedges
The table above shows the derivatives the Group has contracted to hedge currency, interest rate and electricity price exposure in future cash flows.
The forward exchange contracts mature in the period January 2026 to December 2026 (2024: January 2025 to December 2025); the swaps mature in the period May 2026 to September 2034 (2024: June 2025 to September 2034);
and the electricity price agreements relate to 2026 and have final maturity in December 2026 (2024: March 2025 to December 2025).
At the end of 2025, the Group had hedged 72% of expected future cash flows in USD for 2026, at an average rate of EUR 1.15 (2024: 77% of expected future cash flows in USD for 2025, at an average rate of EUR 1.10).
The electricity price agreements have an average payment of EUR 78.1/MWh for 2026 (2024: average payment of EUR 77.8/MWh for 2025).
Accounting policies
Hedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings, respectively. Derivatives are recognized at the transaction date.
Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial expenses. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries
are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income.
Income and expenses relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other comprehensive income when the hedged transaction occurs. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income or Financial expenses, and electricity price agreements covering production-related electricity are recognized as part of Cost of goods sold.
Hedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings, respectively. Derivatives are recognized at the transaction date.
Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial expenses. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries
are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income.
Income and expenses relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other comprehensive income when the hedged transaction occurs. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income or Financial expenses, and electricity price agreements covering production-related electricity are recognized as part of Cost of goods sold.
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Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial expenses. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries
are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income.
Income and expenses relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other comprehensive income when the hedged transaction occurs. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income or Financial expenses, and electricity price agreements covering production-related electricity are recognized as part of Cost of goods sold.
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Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial expenses. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries
are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income.
Income and expenses relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other comprehensive income when the hedged transaction occurs. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income or Financial expenses, and electricity price agreements covering production-related electricity are recognized as part of Cost of goods sold.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__138": { "value": "4.5 Common shares and treasury shares
2025 | 2024 | |||||
Nominal value DKK million | Number of shares | % of common shares | Nominal value DKK million | Number of shares | % of common shares | |
Common shares | ||||||
A common shares (nominally DKK 2) | 107.5 | 53,743,600 | 107.5 | 53,743,600 | ||
B common shares (nominally DKK 2) | 829.1 | 414,555,046 | 829.1 | 414,555,046 | ||
Common shares at December 31 | 936.6 | 468,298,646 | 936.6 | 468,298,646 | ||
Treasury shares - B shares | ||||||
Treasury shares at January 1 | 4.3 | 2,162,857 | 0.5 | 7.4 | 3,682,554 | 1.3 |
Additions during the year | 3.5 | 1,729,099 | 0.3 | - | - | - |
Disposals during the year | (3.0) | (1,507,324) | (0.3) | (3.1) | (1,519,697) | (0.3) |
Dilution due to share issue | - | - | - | - | - | (0.5) |
Treasury shares at December 31 | 4.8 | 2,384,632 | 0.5 | 4.3 | 2,162,857 | 0.5 |
Common shares in circulation | 2025 | 2024 | ||||
Shares at January 1 | 466,135,789 | 277,317,446 | ||||
Share issue | - | 187,298,646 | ||||
Purchase of treasury shares | (1,729,099) | - | ||||
Sale of treasury shares | 1,507,324 | 1,519,697 | ||||
Shares at December 31 | 465,914,014 | 466,135,789 |
Each A share entitles the holder to 20 votes, while each B share entitles the holder to two votes.
Each year, the Board of Directors assesses whether the ownership structure comprising A and B common shares is optimal. The Board of Directors continues to believe that this is the best way to safeguard Novonesis\u2019 long-term development to the benefit of the com-pany\u2019s shareholders and other stakeholders.
In 2025, the company completed share buy-backs of EUR 99.9 million. Treasury shares will be used to meet obligations arising from employee share-based incentive programs.
Share issue
No share issue was made in 2025. As a result of the statutory merger with Chr. Hansen Holding A/S in 2024, the share capital of Novozymes A/S was increased in 2024 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 common shares in the denomination of DKK 2 per share.
4.5 Common shares and treasury shares
2025 | 2024 | |||||
Nominal value DKK million | Number of shares | % of common shares | Nominal value DKK million | Number of shares | % of common shares | |
Common shares | ||||||
A common shares (nominally DKK 2) | 107.5 | 53,743,600 | 107.5 | 53,743,600 | ||
B common shares (nominally DKK 2) | 829.1 | 414,555,046 | 829.1 | 414,555,046 | ||
Common shares at December 31 | 936.6 | 468,298,646 | 936.6 | 468,298,646 | ||
Treasury shares - B shares | ||||||
Treasury shares at January 1 | 4.3 | 2,162,857 | 0.5 | 7.4 | 3,682,554 | 1.3 |
Additions during the year | 3.5 | 1,729,099 | 0.3 | - | - | - |
Disposals during the year | (3.0) | (1,507,324) | (0.3) | (3.1) | (1,519,697) | (0.3) |
Dilution due to share issue | - | - | - | - | - | (0.5) |
Treasury shares at December 31 | 4.8 | 2,384,632 | 0.5 | 4.3 | 2,162,857 | 0.5 |
Common shares in circulation | 2025 | 2024 | ||||
Shares at January 1 | 466,135,789 | 277,317,446 | ||||
Share issue | - | 187,298,646 | ||||
Purchase of treasury shares | (1,729,099) | - | ||||
Sale of treasury shares | 1,507,324 | 1,519,697 | ||||
Shares at December 31 | 465,914,014 | 466,135,789 |
Each A share entitles the holder to 20 votes, while each B share entitles the holder to two votes.
Each year, the Board of Directors assesses whether the ownership structure comprising A and B common shares is optimal. The Board of Directors continues to believe that this is the best way to safeguard Novonesis\u2019 long-term development to the benefit of the com-pany\u2019s shareholders and other stakeholders.
In 2025, the company completed share buy-backs of EUR 99.9 million. Treasury shares will be used to meet obligations arising from employee share-based incentive programs.
Share issue
No share issue was made in 2025. As a result of the statutory merger with Chr. Hansen Holding A/S in 2024, the share capital of Novozymes A/S was increased in 2024 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 common shares in the denomination of DKK 2 per share.
4.6 Financial assets and liabilities by category
EUR million | Note | 2025 | 2024 |
Other financial assets | 1.2 | 3.4 | |
Trade receivables | 3.5 | 716.5 | 665.6 |
Contract assets | 35.9 | 23.6 | |
Other receivables, excl. prepaid expenses | 80.9 | 81.7 | |
Cash and cash equivalents | 275.3 | 280.0 | |
Financial assets at amortized cost | 1,109.8 | 1,054.3 | |
Derivatives | 2.8 | 2.8 | |
Other financial assets | 2.6 | 3.5 | |
Fair value through profit and loss | 5.4 | 6.3 | |
Derivatives | 27.3 | 13.0 | |
Fair value through other comprehensive income | 27.3 | 13.0 | |
Financial assets | 1,142.5 | 1,073.6 |
EUR million | Note | 2025 | 2024 |
Lease liabilities | 4.3 | 189.6 | 193.9 |
Credit institutions | 4.3 | 2,813.5 | 1,576.1 |
Trade payables | 420.8 | 423.1 | |
Other payables | 202.8 | 126.6 | |
Financial liabilities at amortized cost | 3,626.7 | 2,319.7 | |
Derivatives | 4.3 | 0.3 | 1.9 |
Fair value through profit and loss | 0.3 | 1.9 | |
Derivatives | 4.3 | 2.0 | 24.9 |
Fair value through other comprehensive income | 2.0 | 24.9 | |
Financial liabilities | 3,629.0 | 2,346.5 |
Fair value hierarchy
Novonesis has no financial instruments meas-ured at fair value on the basis of quoted prices (level 1 input).
For financial assets and financial liabilities measured at amortized cost (level 2 input), the carrying amounts approximate fair value. Derivatives are measured at fair value based on observable data (level 2 input). The deriv-atives are not traded in an active market
based on quoted prices, but on individual contracts. The fair value of these assets and liabilities is determined using valuation tech-niques that utilize market-based data such as exchange rates, interest rates, credit risk, electricity prices, and volatilities.
Other financial assets are measured at fair value based on non-observable data (level 3 input).
5.1 Management remuneration
2025 | 2024 | |||||||
EUR million | Board of Directors | Executive Management | Other executive vice presidents | Total | Board of Directors | Executive Management | Other executive vice presidents | Total |
Salaries and other short-term benefits | 1.7 | 2.7 | 5.2 | 9.6 | 1.8 | 2.6 | 5.2 | 9.6 |
Defined contribution plans | 0.3 | 0.5 | 0.8 | 0.3 | 0.5 | 0.8 | ||
Cash bonus | 3.3 | 4.8 | 8.1 | 4.5 | 5.7 | 10.2 | ||
Expensed share-based incentive programs | 2.6 | 4.2 | 6.8 | 2.3 | 4.4 | 6.7 | ||
Remuneration | 1.7 | 8.9 | 14.7 | 25.3 | 1.8 | 9.7 | 15.8 | 27.3 |
Sign-on bonus | - | 1.9 | 1.9 | 0.4 | 0.1 | 0.5 | ||
Severance cost | - | 2.4 | 2.4 | - | - | - | ||
Remuneration including additional payments | 1.7 | 8.9 | 19.0 | 29.6 | 1.8 | 10.1 | 15.9 | 27.8 |
Number of members at December 31 | 12 | 2 | 6 | 20 | 13 | 2 | 7 | 22 |
Novonesis\u2019 Remuneration Policy sets the general guidelines for the remuneration of the Board of Directors and the Executive Management, and is approved at the Annual General Meeting.
Details on the policy and a summary of the Management remuneration can be found in the Governance section of the Annual Report.
Board of Directors
The remuneration of the Board of Directors comprises a fixed fee and is not incen-tive-based.
Executive Leadership Team
By the end of 2025, the Executive Leadership Team consisted of eight members, of which the CEO and CFO together comprise the Executive Management, appointed by the Board of Directors and registered with the Danish Business Authority. The Executive Leadership Team is categorized as key man-agement personnel.
Members of the Executive Leadership Team receive fixed remuneration comprising a base salary, pension and benefits. Furthermore, sig-nificant proportions of their remuneration packages are variable and based on perfor-mance-related pay, through short- and
long-term incentives. The incentive programs are balanced to ensure focus on both short-term and long-term value creation. They are designed to incentivize performance against selected financial, environmental, social and operational key performance indicators and individual objectives, which are directly linked to Novonesis\u2019 strategy, and to incentivize long-term value creation and alignment with the long-term interests of shareholders, customers and other stakeholders.
In 2024 and 2025, the cash bonus includes one-off bonuses to the Executive Leadership Team related to the combination of Novozymes and Chr. Hansen.
Members of the Executive Leadership Team have contracts of employment containing standard conditions for executives of Danish listed companies, including the periods of notice that both parties are required to give, and non-competition clauses. If an executive officer\u2019s contract of employment is terminated by the company without any misconduct on the part of the executive officer, the executive officer has a notice period of 12 months. In addition to the notice period, the executive officer has a right to termination compensation of 12 months\u2019 base salary and pension contribu-tions.
5.1 Management remuneration
2025 | 2024 | |||||||
EUR million | Board of Directors | Executive Management | Other executive vice presidents | Total | Board of Directors | Executive Management | Other executive vice presidents | Total |
Salaries and other short-term benefits | 1.7 | 2.7 | 5.2 | 9.6 | 1.8 | 2.6 | 5.2 | 9.6 |
Defined contribution plans | 0.3 | 0.5 | 0.8 | 0.3 | 0.5 | 0.8 | ||
Cash bonus | 3.3 | 4.8 | 8.1 | 4.5 | 5.7 | 10.2 | ||
Expensed share-based incentive programs | 2.6 | 4.2 | 6.8 | 2.3 | 4.4 | 6.7 | ||
Remuneration | 1.7 | 8.9 | 14.7 | 25.3 | 1.8 | 9.7 | 15.8 | 27.3 |
Sign-on bonus | - | 1.9 | 1.9 | 0.4 | 0.1 | 0.5 | ||
Severance cost | - | 2.4 | 2.4 | - | - | - | ||
Remuneration including additional payments | 1.7 | 8.9 | 19.0 | 29.6 | 1.8 | 10.1 | 15.9 | 27.8 |
Number of members at December 31 | 12 | 2 | 6 | 20 | 13 | 2 | 7 | 22 |
Novonesis\u2019 Remuneration Policy sets the general guidelines for the remuneration of the Board of Directors and the Executive Management, and is approved at the Annual General Meeting.
Details on the policy and a summary of the Management remuneration can be found in the Governance section of the Annual Report.
Board of Directors
The remuneration of the Board of Directors comprises a fixed fee and is not incen-tive-based.
Executive Leadership Team
By the end of 2025, the Executive Leadership Team consisted of eight members, of which the CEO and CFO together comprise the Executive Management, appointed by the Board of Directors and registered with the Danish Business Authority. The Executive Leadership Team is categorized as key man-agement personnel.
Members of the Executive Leadership Team receive fixed remuneration comprising a base salary, pension and benefits. Furthermore, sig-nificant proportions of their remuneration packages are variable and based on perfor-mance-related pay, through short- and
long-term incentives. The incentive programs are balanced to ensure focus on both short-term and long-term value creation. They are designed to incentivize performance against selected financial, environmental, social and operational key performance indicators and individual objectives, which are directly linked to Novonesis\u2019 strategy, and to incentivize long-term value creation and alignment with the long-term interests of shareholders, customers and other stakeholders.
In 2024 and 2025, the cash bonus includes one-off bonuses to the Executive Leadership Team related to the combination of Novozymes and Chr. Hansen.
Members of the Executive Leadership Team have contracts of employment containing standard conditions for executives of Danish listed companies, including the periods of notice that both parties are required to give, and non-competition clauses. If an executive officer\u2019s contract of employment is terminated by the company without any misconduct on the part of the executive officer, the executive officer has a notice period of 12 months. In addition to the notice period, the executive officer has a right to termination compensation of 12 months\u2019 base salary and pension contribu-tions.
5.4 Related party transactions
Transactions | ||
EUR million | 2025 | 2024 |
Novo Holdings A/S | ||
Dividend paid to Novo Holdings A/S | 103.2 | 62.0 |
The Novo Nordisk Group | ||
Sale of goods and services | 37.5 | 15.4 |
Sale of assets | 16.8 | - |
Purchase of goods and materials | (2.0) | (1.9) |
Purchase of services | (3.6) | (4.4) |
The NNIT Group | ||
Purchase of services | (1.1) | (0.7) |
Microbiogen Pty. Ltd.* | ||
Purchase of services | (9.5) | (9.0) |
*\tAssociate of Novonesis
Outstanding balances
EUR million | 2025 | 2024 |
The Novo Nordisk Group | ||
Receivables | 2.1 | 4.0 |
Payables | (9.2) | (10.2) |
The NNIT Group | ||
Payables | (0.4) | (0.1) |
Microbiogen Pty. Ltd.* | ||
Payables | (2.3) | (2.3) |
*\tAssociate of Novonesis
Novozymes A/S is controlled by Novo Holdings A/S, domiciled in Hellerup, Denmark, which holds 63.4% of the votes in Novozymes A/S. The remaining shares are widely held. The ultimate parent of the Group is the Novo Nordisk Foundation (incorporated in Denmark).
Related parties are considered to be Novo Holdings A/S and the Novo Nordisk Foundation, as well as the Board of Directors
and the Executive Management of these enti-ties, together with their immediate families. Other related parties are considered to be the Novo Nordisk Foundation\u2019s subsidiaries and associates, such as the Novo Nordisk Group, and the NNIT Group, associates of Novonesis, as well as the Board of Directors and the Executive Management of Novozymes A/S, together with their immediate families. Related parties also include companies in which the above persons have control or joint control.
The majority of the agreements with related parties are renegotiated regularly.
Novonesis is expanding the wastewater and biomass treatment facility in Kalundborg, which is a joint operation with the Novo Nordisk Group. The expansion is fully financed by Novo Nordisk, and in 2025 Novonesis received EUR 133.7 million (2024: EUR 60.7 million) from Novo Nordisk to fund the investment. In addition to the outstanding balances in the table, Novonesis has the right to receive further funding from Novo Nordisk of EUR 11.6 million, related to 2025, as of December 31, 2025 (2024: EUR 9.3 million). The expansion is expected to be completed in 2027.
In connection with the relocation of the head-quarters, Novonesis has sold land and buildings in Bagsvaerd, Denmark, with effect from January 1, 2025, to Novo Nordisk A/S for EUR 16.8 million. The sales price is based on exter-nal valuations. As of December 31, 2024, the carrying amount of assets held for sale was EUR 11.6 million.
As part of the combination with Chr. Hansen in 2024, Novo Holdings received Merger Consideration Shares at a ratio of 1.0227 for each Chr. Hansen Share held by Novo Holdings, with respect to Novo Holdings\u2019 hold-ing of 28,983,112 Chr. Hansen Shares.
There were no transactions with related par-ties other than the transactions described and the normal remuneration of the Board of Directors and the Executive Management, which is presented in Note 5.1.
Guarantees, rental and other purchase com-mitments to related parties at December 31, 2025, amounted to EUR 2.3 million, compared with EUR 2.8 million at December 31, 2024.
5.2 Share-based payment
Novonesis has established share-based incen-tive programs for the Executive Management, executive vice presidents, vice presidents and directors. The purpose of these programs is to ensure an alignment of interests of the Management, employees and shareholders. Allocation of programs has been, and remains, dependent on profit, value creation and sus-tainability targets being achieved, and is made based on individual base salary. In order to receive the shares, the employees must still be employed at vesting date. This does not apply to persons who have retired, taken voluntary early retirement or been given notice.
New programs
The 2025 program for the Executive Management consists of 100% performance shares. The total number of shares achievable is divided into two categories: \u2018target shares\u2019 and \u2018extra shares\u2019. The maximum allocation is 150% of the number of target shares.
The targets have 50% weight on organic sales growth, 20% weight on adjusted EBITDA mar-gin, 10% weight on adjusted ROIC, and 20% weight on non-financial sustainability targets. The non-financial targets are measured in rela-tion to climate and diversity. The performance targets are as protocolled in the minutes of the
board meeting approving the annual group financial statement for the year prior to the performance period.
\u2022\tIf Novonesis reaches the targets for 2025\u2013 2027, then the target shares will be granted.
\u2022\tIf Novonesis manages to overperform on one or more of the targets, up to 50% more shares may be granted.
\u2022\tIf Novonesis does not meet the targets, or if Novonesis is significantly below the tar-gets, then none or only part of the target shares will be granted.
The total target-level fair value of the program at the date of grant was approximately EUR 2.7 million. The value of the shares will be expensed over the three-year vesting period (2025\u20132027) and will be awarded in 2028.
A new program was also established in 2025 for executive vice presidents, vice presidents and directors covering the performance period 2025\u20132027 (344 executive vice presi-dents, vice presidents and directors). The total target-level fair value at grant date was approximately EUR 12.3 million and was based on the same requirements and targets as for the Executive Management.
The program is 100% performance shares with a three-year vesting period.
Both programs contain a maximum-value clause, allowing the Board of Directors the option to reduce the number of shares if the value at the end of the performance period exceeds twice the maximum value at the time of the conditional grant.
As in previous years, a new small share-based program was established for selected employees. The aim of the program is for the Executive Management to be able to award shares to employees as a personal bonus for outstanding efforts or for retention purposes. Members of the Executive Management can-not be awarded incentives under this pro-gram. The program has a three-year vesting period. The program cannot exceed EUR 1.0 million.
Finally awarded programs
Awards in the programs covering the perfor-mance period 2023\u20132025 were finalized in 2025.
The targets for 2024 and 2025 in the pro-gram have been updated in 2024 to reflect the combined performance ambitions for
Novonesis, while the original targets for 2023 have been settled based on the performance of Novozymes in 2023. The targets covered organic sales growth, EBIT margin/adjusted EBITDA margin, ROIC, and sustainability parameters. The actual performance over the period exceeded targets, and in total the per-formance against the set targets resulted in 87% of the maximum allocation being awarded.
For the Executive Management, this means that a total of 20,605 shares will be released in February 2026. The number of share options granted over the three-year period is 74,701, reflecting the realized target achieve-ment.
The program contains a maximum-value clause, allowing the Board of Directors to choose to limit the total allocation of shares and share options if the intrinsic value exceeds twice the annual conditional grant at the end of the program. There will be no limi-tation on the total allocation, as the intrinsic value is EUR 1.7 million.
The program for executive vice presidents, vice presidents and directors follows the same requirements and targets as the
program for the Executive Management. The final number of shares allocated under this program to be released in February 2026 is 156,251. The number of share options granted over the three-year period is 566,257, reflect-ing the realized target achievement of 87%.
Performance shares
The shares allocated under the programs are performance shares. In 2025, 258,906 perfor-mance shares with an aggregate grant date fair value of EUR 15.0 million were granted (2024: EUR 17.5 million), which will be expensed over a three-year period (2025-2027).
Fair value at grant date for performance shares is measured using the weighted aver-age share price at grant date, which was DKK 432 for 2025 (2024: DKK 372).
The fair value of outstanding performance shares at December 31, 2025, was EUR 42.9 million (2024: EUR 48.2 million).
Performance shares | |||
The number of outstanding performance shares has developed as follows:\t | Executive Management | Executive vice presidents, vice presidents and directors | Total |
Outstanding at January 1, 2025 | 77,796 | 804,120 | 881,916 |
Allocated | 46,063 | 212,843 | 258,906 |
Allocation adjustment | 5,212 | 61,578 | 66,790 |
Exercised | (12,120) | (382,836) | (394,956) |
Forfeited | - | (27,852) | (27,852) |
Outstanding at December 31, 2025 | 116,951 | 667,853 | 784,804 |
Outstanding at January 1, 2024 | 39,807 | 349,783 | 389,590 |
Outstanding shares from Chr. Hansen | - | 559,101 | 559,101 |
Allocated | 50,283 | 301,023 | 351,306 |
Allocation adjustment | 2,629 | 25,946 | 28,575 |
Exercised | (14,923) | (414,427) | (429,350) |
Forfeited | - | (17,306) | (17,306) |
Outstanding at December 31, 2024 | 77,796 | 804,120 | 881,916 |
The number of outstanding share options (excl. performance shares) has developed as follows: | |||||||
Number of options | DKK1 | EUR | EUR million | ||||
Executive Management | |||||||
Executive vice presidents, vice presidents and directors | Other employees | Total | Average exercise price per option | Grant date fair value per option | Grant date fair value total | ||
Outstanding at January 1, 2025 | 280,086 | 4,214,349 | 2,059,179 | 6,553,614 | 351 | ||
Allocation adjustment2 | 18,890 | 143,268 | (1,324) | 160,834 | 355 | 13.1 | 2.1 |
Exercised3 | - | (860,527) | (274,438) | (1,134,965) | 299 | ||
Forfeited | - | (3,740) | (14,825) | (18,565) | 410 | ||
Expired | - | (10,593) | (47,975) | (58,568) | 285 | ||
Outstanding at December 31, 2025 | 298,976 | 3,482,757 | 1,720,617 | 5,502,350 | 362 | ||
Outstanding at January 1, 2024 | 266,807 | 4,799,858 | 2,416,165 | 7,482,830 | 341 | ||
Allocation adjustment | 13,279 | 130,609 | 120,192 | 264,080 | 416 | 11.0 | 3.0 |
Exercised | - | (653,391) | (360,161) | (1,013,552) | 292 | ||
Forfeited | - | (58,693) | (60,759) | (119,452) | 376 | ||
Expired | - | (4,034) | (56,258) | (60,292) | 307 | ||
Outstanding at December 31, 2024 | 280,086 | 4,214,349 | 2,059,179 | 6,553,614 | 351 | ||
Number of exercisable options at December 31, 20254 | 3,647,543 | 345 | |||||
Number of exercisable options at December 31, 20244 | 3,234,629 | 310 |
1.\tThe shares are listed on NASDAQ OMX Copenhagen in DKK.\t
2.\tThe allocation of share options for 2023\u20132025 has been adjusted, based on the realized level of target achievement for the period (87%).
3.\tThe weighted average share price for share options exercised during 2025 was DKK 438 (2024: DKK 407).\t
4.\tFor share options outstanding at December 31, 2025, the range of exercise prices is DKK 249-486 per option (2024: DKK 249-486 per option), and the weighted average remaining term to maturity is four years (2024: four years).
During 2025, EUR 20.4 million arising from share-based payment was recognized in the income statement (2024: EUR 28.8 million); EUR 20.3 million was from equity-settled pro-grams (2024: EUR 28.4 million); and EUR 0.1 million was from cash-settled programs (2024: EUR 0.4 million).
Most programs are equity-settled, and no lia-bility is recognized for these. If allocations under the programs are made in countries where ownership of foreign shares is not per-mitted, the value of share options is settled in cash instead, and a liability of EUR 2.2 million was recognized for this in 2025 (2024: EUR 3.3 million). The intrinsic value of exercisable cash-settled programs in 2025 was EUR 1.0 million (2024: EUR 1.6 million).
Accounting policies
The Group has established share-based incentive programs, comprising equity-set-tled and cash-settled programs.
The fair value of the employee services received in exchange for the grant of share options and performance shares is meas-ured with reference to the fair value of the share options and performance shares granted. The fair value of share options is measured using the Black\u2013Scholes option-pricing model.
The fair value of share-based payment at the grant date is recognized as an employee expense over the period in which the share options and performance shares vest. In measuring the fair value of the
employee services, account is taken of the number of employees expected to gain entitlement to the options and performance shares, as well as the number of options and performance shares the employees are expected to gain. This estimate is adjusted at the end of each reporting period, such that only the number of options and perfor-mance shares to which employees are enti-tled or expected to be entitled is recog-nized.
The value of equity-settled programs is rec-ognized in equity. The value of cash-settled programs, which are recognized as Other liabilities, is adjusted to fair value at the end of each reporting period, and the subse-quent adjustment is recognized in the income statement under Financial income or Financial expenses.
The Group has established share-based incentive programs, comprising equity-set-tled and cash-settled programs.
The fair value of the employee services received in exchange for the grant of share options and performance shares is meas-ured with reference to the fair value of the share options and performance shares granted. The fair value of share options is measured using the Black\u2013Scholes option-pricing model.
The fair value of share-based payment at the grant date is recognized as an employee expense over the period in which the share options and performance shares vest. In measuring the fair value of the
employee services, account is taken of the number of employees expected to gain entitlement to the options and performance shares, as well as the number of options and performance shares the employees are expected to gain. This estimate is adjusted at the end of each reporting period, such that only the number of options and perfor-mance shares to which employees are enti-tled or expected to be entitled is recog-nized.
The value of equity-settled programs is rec-ognized in equity. The value of cash-settled programs, which are recognized as Other liabilities, is adjusted to fair value at the end of each reporting period, and the subse-quent adjustment is recognized in the income statement under Financial income or Financial expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__152": { "value": "5.3 Contingent liabilities and pending litigations
Novonesis is engaged in certain legal cases, e.g., in relation to patent disputes and duties, which from time to time involve significant amounts of dispute. The Board of Directors and Management believe that settlement or continuation of these cases will not have a significant effect on the Group\u2019s financial position. A liability is recognized under Provisions when the risk of a loss on a legal case is considered more likely than not, but it is inherent that there is uncertainty in the out-come of legal cases.
In Management\u2019s opinion, the outcomes of these cases are not expected to give rise to any significant losses beyond the amounts provided for at December 31, 2025.
5.3 Contingent liabilities and pending litigations
Novonesis is engaged in certain legal cases, e.g., in relation to patent disputes and duties, which from time to time involve significant amounts of dispute. The Board of Directors and Management believe that settlement or continuation of these cases will not have a significant effect on the Group\u2019s financial position. A liability is recognized under Provisions when the risk of a loss on a legal case is considered more likely than not, but it is inherent that there is uncertainty in the out-come of legal cases.
In Management\u2019s opinion, the outcomes of these cases are not expected to give rise to any significant losses beyond the amounts provided for at December 31, 2025.
5.3 Contingent liabilities and pending litigations
Novonesis is engaged in certain legal cases, e.g., in relation to patent disputes and duties, which from time to time involve significant amounts of dispute. The Board of Directors and Management believe that settlement or continuation of these cases will not have a significant effect on the Group\u2019s financial position. A liability is recognized under Provisions when the risk of a loss on a legal case is considered more likely than not, but it is inherent that there is uncertainty in the out-come of legal cases.
In Management\u2019s opinion, the outcomes of these cases are not expected to give rise to any significant losses beyond the amounts provided for at December 31, 2025.
5.5 Fees to statutory auditors
EUR million | 2025 | 2024 |
Statutory audit | 1.9 | 1.9 |
Other assurance engagements | 0.3 | 0.3 |
Tax assurance services | 0.1 | 0.5 |
Other services | - | - |
Fees to statutory auditors | 2.3 | 2.7 |
Audit fee policy
Novonesis audit fee policy states that the annual fee for non-audit services provided by the statutory auditor should not exceed 70% of the annual fee for statutory audit services measured at Group level. The 70% may only be exceeded with the approval of the Audit Committee. No such approval was given in 2025 or 2024.
Certain restrictions apply regarding the non-audit services that the auditors elected for Novozymes A/S may perform, including a 70% cap. The fee for non-audit services per-formed for Novonesis by EY Godkendt Revisionspartnerselskab did not exceed the 70% cap.
Tax and other assurance services
Tax services comprise allowed tax compliance and transfer pricing services.
Other assurance services comprise mainly assurance regarding the sustainability state-ment and other assurance statements.
5.6 Cash flow
EUR million | Note | 2025 | 2024 |
Accrued interest income and interest expenses | 47.3 | 49.5 | |
(Gain)/loss on financial assets, etc., net | (0.6) | 5.7 | |
Depreciation, amortization and impairment losses | 3.1, 3.2 | 596.9 | 597.4 |
Realized loss and allowances for doubtful trade receivables | (3.2) | (0.5) | |
(Gain)/loss on sale and disposal of assets | (3.7) | 0.4 | |
Unrealized foreign exchange (gain)/loss | 5.2 | 7.9 | |
Tax | 2.5 | 159.8 | 111.3 |
Share-based payment | 5.2 | 20.4 | 28.8 |
Change in provisions | (15.4) | 10.6 | |
Profit/loss in associates | 6.5 | 3.5 | |
Gain on divestment of the lactase enzyme business | - | (20.4) | |
Non-cash items | 813.2 | 794.2 | |
(Increase)/decrease in receivables | (114.9) | (41.6) | |
(Increase)/decrease in inventories | 6.2 | 153.8 | |
Increase/(decrease) in payables, deferred income and contract liabilities | 164.7 | 158.8 | |
Change in working capital | 56.0 | 271.0 |
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 buy-back) of EUR 63.8 million (2024: EUR 183.9 million).
EUR million | Note | 2025 | 2024 |
Feed Enzyme Alliance acquisition (net of cash) | 3.6 | (1,519.8) | - |
Cash from the combination with Chr. Hansen | 3.6 | - | 38.1 |
Loan to joint ventures | - | (12.9) | |
Contingent consideration paid | - | (10.0) | |
Purchase of other financial assets | - | (0.4) | |
Business acquisitions, etc. | (1,519.8) | 14.8 | |
Divestment of the lactase enzyme business, net of cash | 3.7 | - | 144.5 |
Divestments | - | 144.5 | |
Additions of intangible assets | 3.1 | 61.0 | 21.5 |
Purchase of intangible assets | 61.0 | 21.5 | |
Additions of property, plant and equipment | 3.2 | 439.2 | 358.9 |
Less additions to lease assets | (29.4) | (20.6) | |
Purchase of property, plant and equipment | 409.8 | 338.3 | |
Purchase of shares in Synergia Life Science (40%) | - | (83.1) | |
Purchase of shares in Suzhou Hongda Enzyme Co. Ltd. (4%) | |||
- | (2.8) | ||
Purchase of non-controlling interests | - | (85.9) |
Undrawn committed credit facilities amounted to EUR 871.4 million at December 31, 2025 (2024: EUR 795.0 million), which expire in 2026\u20132030.
In 2024, cash flow from business acquisitions, etc., was positively impacted by EUR 38.1 million from cash obtained from the merger with Chr. Hansen. Reference is made to note 3.6.
Accounting policies
The consolidated statement of cash flows, which is compiled using the indirect method, shows cash flows from operating, investing and financing activities, and the Group\u2019s cash and cash equivalents at the beginning and end of the year.
Cash flow from operating activities com-prises net profit adjusted for non-cash items, paid financial items, corporate income tax paid, and change in working capital.
Cash flow from investing activities com-prises payments relating to the acquisition and sale of companies and non-controlling interests, intangible assets, and property, plant and equipment.
Cash flow from financing activities com-prises proceeds from borrowings, repay-ment of principal on interest-bearing debt, repayment of lease liabilities, payment of div-idends, proceeds from share issues, and the sale of treasury shares and other securities.
Cash and cash equivalents comprise cash at bank and in hand.
The consolidated statement of cash flows, which is compiled using the indirect method, shows cash flows from operating, investing and financing activities, and the Group\u2019s cash and cash equivalents at the beginning and end of the year.
Cash flow from operating activities com-prises net profit adjusted for non-cash items, paid financial items, corporate income tax paid, and change in working capital.
Cash flow from investing activities com-prises payments relating to the acquisition and sale of companies and non-controlling interests, intangible assets, and property, plant and equipment.
Cash flow from financing activities com-prises proceeds from borrowings, repay-ment of principal on interest-bearing debt, repayment of lease liabilities, payment of div-idends, proceeds from share issues, and the sale of treasury shares and other securities.
Cash and cash equivalents comprise cash at bank and in hand.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__159": { "value": "5.7 Events after the reporting date
No events of importance to the consolidated financial statements have occurred after the reporting date.
5.8 Group companies
Production
Sales and marketing
Research and development
Holding and other entities with limited or no activity
Activity | Percentage of shares owned | ||||||||
Parent Company | |||||||||
Novozymes A/S, Denmark | |||||||||
Subsidiaries | |||||||||
Chr. Hansen Argentina S.A.I.C., Argentina | 100 | ||||||||
Novozymes BioAg S.A., Argentina | 100 | ||||||||
Paprika S.A.2, Argentina | 70 | ||||||||
Chr. Hansen Pty. Ltd.1, Australia | 100 | ||||||||
Hale-Bopp Australia Pty. Ltd.1, Australia | 100 | ||||||||
Novozymes Australia Pty. Ltd.1, Australia | 100 | ||||||||
Novozymes Belgium BV1, Belgium | 100 | ||||||||
Chr. Hansen Ind. e Com. Ltda.1, Brazil | 100 |
Activity | Percentage of shares owned | |
Novozymes BioAg Produtos Para Agricultura Ltda., Brazil | 100 | |
Novozymes Latin America Ltda.1, Brazil | 100 | |
Chr. Hansen Limited, Canada | 100 | |
Novozymes BioAg Limited, Canada | 100 | |
Novozymes Canada Limited, Canada | 100 | |
Chr. Hansen Chile SpA.1, Chile | 100 | |
Chr. Hansen (Beijing) Trading Co., Ltd., China | 100 | |
Novozymes (China) Biotechnology Co. Ltd., China | 100 | |
Novozymes (China) Investment Co. Ltd., China | 100 | |
Novozymes OneHealth Biotechnology (Shanghai) Co. Ltd., China | 100 | |
Novozymes (Shenyang) Biologicals Co. Ltd., China | 100 | |
Novonesis (Suzhou) Biomanufacturing Co. Ltd., China | 100 | |
Chr. Hansen Colombia S.A.S., Colombia | 100 | |
Chr. Hansen Czech Republic S.r.o.1, Czech Republic | 100 | |
Chr. Hansen A/S1, Denmark | 100 | |
Novonesis Plant Biosolutions A/S1, Denmark | 100 | |
Novozymes Bioindustrial A/S1, Denmark | 100 | |
Novozymes Bioindustrial China A/S1, Denmark | 100 | |
Novozymes Biopharma DK A/S1, Denmark | 100 | |
Novonesis EG SSC1, Egypt | 100 | |
Chr. Hansen Finland Oy1, Finland | 100 | |
Chr. Hansen France S.A.S., France | 100 | |
Novozymes France S.A.S.1, France | 100 | |
Chr. Hansen GmbH, Germany | 100 |
Activity | Percentage of shares owned | ||
Chr. Hansen HMO GmbH, Germany | 100 | ||
Hansen Hellas ABEE, Greece | 100 | ||
Novozymes Greece Single Member SA1, Greece | 100 | ||
Novonesis Hong Kong Ltd., Hong Kong | 100 | ||
Chr. Hansen India Pvt. Ltd., India | 99.6 | ||
Novozymes South Asia Pvt. Ltd., India | 100 | ||
Synergia Life Sciences Pvt. Ltd.1, India | 100 | ||
UAS Life Sciences India Private Ltd., India | 100 | ||
PT Novozymes Indonesia Biotechnology1, Indonesia | 100 | ||
Chr. Hansen Pars Co. Ltd2, Iran | 100 | ||
Chr. Hansen Ireland Ltd.1, Ireland | 100 | ||
PrecisionBiotics Group Ltd.1, Ireland | 100 | ||
Chr. Hansen Italia S.p.A., Italy | 100 | ||
Chr. Hansen Japan Co., Ltd.1, Japan | 100 | ||
Novozymes Japan Ltd.1, Japan | 100 | ||
Novozymes Kenya Ltd.1, Kenya | 100 | ||
Chr. Hansen Malaysia SDN. Bhd., Malaysia | 100 | ||
Novozymes Malaysia SDN. Bhd.1, Malaysia | 100 | ||
Chr. Hansen de Mexico S.A. de C.V., Mexico | 100 | ||
Novozymes Mexicana, S.A. de C.V.1, 2, Mexico | 100 | ||
Novozymes Mexico, S.A. de C.V., Mexico | 100 | ||
Novonesis Nederland B.V.1, Netherlands | 100 | ||
Chr. Hansen S.A., Peru | 100 | ||
Chr. Hansen Poland Sp. z o.o.1, Poland | 100 | ||
Chr. Hansen SRL, Romania | 100 |
Activity | Percentage of shares owned |
Chr. Hansen LLC3, Russia | 100 |
Novozymes RUS LLC1, 2, Russia | 100 |
Novonesis Singapore Pte. Ltd.1, Singapore | 100 |
Chr. Hansen South Africa (Pty) Ltd.1, South Africa | 100 |
Novozymes South Africa (Pty) Ltd.1, South Africa | 100 |
Novozymes Korea Limited1, South Korea | 100 |
Chr. Hansen, S.L.1, Spain | 100 |
Novonesis Animal Biosolutions AG1, Switzerland | 100 |
Novozymes Switzerland AG1, Switzerland | 100 |
Novozymes (Thailand) Ltd.1, Thailand | 100 |
Chr. Hansen Gida Sanayi ve Ticaret A.S., Republic of T\u00fcrkiye | 100 |
Novozymes Enzim\u00a0Dis Ticaret Ltd. Sirketi1, Republic of T\u00fcrkiye | 100 |
Chr. Hansen Middle East & Africa FZ-LLC, UAE | 100 |
Chr. Hansen (UK) Limited1, U.K. | 100 |
Novozymes UK Ltd.1, 2, U.K. | 100 |
Chr. Hansen Ukraine LLC, Ukraine | 100 |
Chr. Hansen Inc.1, U.S. | 100 |
Novozymes, Inc., U.S. | 100 |
Novozymes BioAg, Inc., U.S. | 100 |
Novozymes Biologicals, Inc., U.S. | 100 |
Novozymes Blair, Inc., U.S. | 100 |
Novozymes North America, Inc., U.S. | 100 |
Novozymes US, Inc.1, U.S. | 100 |
Physicians Exclusive LLC (d.b.a) Microbiome Labs, U.S. | 100 |
UAS Laboratories LLC, U.S. | 100 |
Activity | Percentage of shares owned |
Joint operations/associates | |
Bacthera AG2, Switzerland | 50 |
Bacthera Denmark A/S2, Denmark | 50 |
Grundejerforeningen Hallas Park4, Denmark | |
Grundejerforeningen Sm\u00f8rmosen4, Denmark | |
Microbiogen PTY Ltd.1, Australia | 23.1 |
Tecnol s.r.l. in liquidazione (formerly Beta Renewables S.p.A.)1, Italy | 10.0 |
21st.BIO A/S1, Denmark | 39.9 |
1 Owned directly by Novozymes A/S.
2 Under liquidation.
3 Sales discontinued in 2025.
4Joint operation.
Activity | Percentage of shares owned |
Joint operations/associates | |
Bacthera AG2, Switzerland | 50 |
Bacthera Denmark A/S2, Denmark | 50 |
Grundejerforeningen Hallas Park4, Denmark | |
Grundejerforeningen Sm\u00f8rmosen4, Denmark | |
Microbiogen PTY Ltd.1, Australia | 23.1 |
Tecnol s.r.l. in liquidazione (formerly Beta Renewables S.p.A.)1, Italy | 10.0 |
21st.BIO A/S1, Denmark | 39.9 |
1 Owned directly by Novozymes A/S.
2 Under liquidation.
3 Sales discontinued in 2025.
4Joint operation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__162": { "value": "Activity | Percentage of shares owned |
Joint operations/associates | |
Bacthera AG2, Switzerland | 50 |
Bacthera Denmark A/S2, Denmark | 50 |
Grundejerforeningen Hallas Park4, Denmark | |
Grundejerforeningen Sm\u00f8rmosen4, Denmark | |
Microbiogen PTY Ltd.1, Australia | 23.1 |
Tecnol s.r.l. in liquidazione (formerly Beta Renewables S.p.A.)1, Italy | 10.0 |
21st.BIO A/S1, Denmark | 39.9 |
1 Owned directly by Novozymes A/S.
2 Under liquidation.
3 Sales discontinued in 2025.
4Joint operation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:529900T6WNZXD2R3JW38", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }