Company Announcement no. 11 – May 5, 2026
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Company Announcement no. 11 – May 5, 2026
Novozymes A/S, Part of Novonesis Group | Krogshoejvej 36, 2880 Bagsvaerd, Denmark | Phone +45 44 46 00 00
CVR number: 10 00 71 27 – LEI: 529900T6WNZXD2R3JW38
Interim
report
Q1
2026
Company Announcement no. 11 – May 5, 2026
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Management’s review
Highlights 3
Key figures and financial ratios 4
Group performance 5
Divisional performance 8
Outlook 10
Condensed consolidated
interim financial statements
Consolidated income statement 12
Consolidated statement of comprehensive income 13
Consolidated statement of cash flows 14
Consolidated balance sheet 15
Consolidated statement of equity 16
Notes
1. Basis of reporting 17
2. Segments 17
3. Net sales 18
4. Special items 19
5. Business acquisitions 19
6. Borrowings 19
7. Events after the reporting date 20
Statement and information
Statement of the Board of Directors and the Executive
Management 21
Financial definitions and ratios 22
Non-IFRS financial measures 22
Contact information 24
Forward-looking statements 24
Contents
Reader’s guide
The Interim report includes information that is presented according to IFRS Accounting Standards (‘IFRS’), as adopted by the EU
(reported basis) and other alternative performance measures (APMs). Please refer to ‘Non-IFRS financial measures’ for
reconciliation of non-IFRS financial measures to the nearest IFRS measures applied in the Interim report.
The Management’s review compares and comments on the performance for Q1 2026 compared with Q1 2025.
Rounding discrepancies may occur because totals have been rounded off and the underlying decimals are not presented.
Company Announcement no. 11 – May 5, 2026
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Strong start to the year with 7% organic sales growth and 37.8% adjusted EBITDA margin
Ester Baiget, President & CEO:
” The year started strong with 7% organic sales growth against a high comparable. We delivered growth
across all sales areas and in both Developed and Emerging markets, while achieving an adjusted EBITDA margin of 37.8%. Quarter
after quarter, our results demonstrate the strength and resilience of our business model. We are confident in our full-year outlook
and in our 2030 targets, including a 6–9% organic sales growth CAGR. As the world continues to change, the relevance and demand
for biosolutions continue to grow. “
• Strong broad-based organic sales growth of 7% including ~1.5 pp effect from exiting certain countries. Price and revenue
synergies contributed ~1 pp each, and a good 1 pp was attributed to inventory build-up in Animal.
• Food & Health Biosolutions grew 9% organically including ~3 pp effect from exiting certain countries; Planetary Health
Biosolutions grew 5% organically.
• Developed Markets grew 8% organically and Emerging Markets 4% including ~3 pp effect from exiting certain countries.
• Adjusted EBITDA margin at 37.8% including a significant year-on-year currency headwind.
• Adjusted net profit excl. PPA increased 8%.
• NIBD/EBITDA at 2.0x, and free cash flow before acquisitions increased 9% to EUR 74 million. CAPEX ratio at 8.3%.
• Successful inaugural bond issuance of EUR 1.7 billion completed to refinance a bridge loan facility.
• Acquisition of a production facility in Thailand to support growth journey.
• 2026 outlook confirmed: Organic sales growth is expected to be in the range of 5-7% which includes a close to 1 pp effect
from exiting certain countries. Adjusted EBITDA margin expected to be between 37-38%.
Selected key figures and ratios
Divisional organic sales growth
EUR million
Q1 2026 Q1 2025
Net sales 1,119.3 1,077.6
Organic sales growth % 7 11
Adjusted gross margin % 60.1 58.9
Free cash flow before acquisitions 74.0 68.1
NIBD/EBITDA x 2.0 1.1
Q1 2026 Q1 2025
Food & Beverages % 11 11
Household Care % 4 12
Agriculture, Energy & Tech % 5 10
Planetary Health Biosolutions % 5 11
Highlights
Conference call: Webcast
May 5, 2026, 9.00 CEST
Please pre-register for the call here
Company Announcement no. 11 – May 5, 2026
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For the definition of financial key figures and ratios, please refer to Novonesis’ Annual Report 2025. Please refer to Non-IFRS financial
measures for reconciliation of non-IFRS financial measures to the nearest IFRS measures applied in the Interim report.
EUR million
Q1 2026 Q1 2025
Income statement
Net sales 1,119.3 1,077.6
Gross profit 634.7 594.3
Operating profit (EBIT) before special items 273.3 275.7
Special items (6.5) (10.2)
Operating profit (EBIT) 266.8 265.5
Financial items, net (8.6) (19.3)
Net profit 199.1 186.0
Adjusted gross profit 672.2 634.2
Adjusted EBITDA 423.0 412.8
Adjusted EBIT 273.3 275.7
Adjusted net profit 204.7 196.0
Adjusted net profit excluding PPA 264.8 245.9
Key ratios
Organic sales growth % 7 11
Gross margin % 56.7 55.2
R&D expenses (% of sales) % 10.8 10.0
EBIT margin before special items % 24.4 25.6
EBIT margin % 23.8 24.6
Effective tax rate % 22.5 24.0
Equity ratio % 66.1 74.6
NIBD/EBITDA x 2.0 1.1
Capex ratio (% of sales) % 8.3 5.1
Earnings per share (EPS), diluted EUR 0.43 0.40
Adjusted gross margin % 60.1 58.9
Adjusted EBITDA margin % 37.8 38.3
Adjusted EBIT margin % 24.4 25.6
Adjusted earnings per share (EPS), diluted EUR 0.44 0.42
Adjusted earnings per share (EPS) excluding PPA, diluted EUR 0.57 0.53
Key figures and financial ratios
Company Announcement no. 11 – May 5, 2026
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Income statement
Net sales
Novonesis realized 7% organic sales growth in Q1 2026. Sales
amounted to EUR 1,119.3 million, equivalent to an increase of
4% in EUR including a negative currency impact of 6% and a
positive M&A impact of 3% relating to the Feed Enzyme
Alliance acquisition.
Sales synergies contributed around 1 percentage point to the
group organic sales growth across both divisions. The
anticipated inventory build-up in Animal contributed a good
percentage point to the organic sales growth. Organic sales
growth includes an around 1.5 percentage points effect from
exiting certain countries.
Developed Markets grew organically by 8%, and Emerging
Markets grew 4%, including around 3 percentage points effect
from exiting certain countries.
Geographical distribution of net sales (Q1 2026)
Developed markets
Emerging markets
63%
37%
36%
30%
19%
15%
Europe, the Middle East &
Africa
North America
Asia Pacific
Latin America
Group performance
Sales growth
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Group
Organic sales growth % 9 5 7
Currency % (5) (6) (6)
M&A % 0 5 3
Sales growth, EUR % 4 4 4
Q1 2026
Organic sales growth: 8%
Organic sales growth: 4%
Organic sales growth: 5%
Organic sales growth: 7%
Organic sales growth: 14%
Organic sales growth: 6%
Company Announcement no. 11 – May 5, 2026
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Gross margin
The gross margin was 56.7% in Q1 2026, and the adjusted gross
margin was 60.1%, an increase of 120 bps compared to Q1
2025. The stronger adjusted gross margin was driven by
pricing, productivity improvements as well as the Feed Enzyme
Alliance acquisition, partly offset by product mix and currency
headwinds.
Operating expenses
Operating expenses totaled EUR 365.8 million in Q1, compared
to EUR 319.6 million in Q1 last year, equal to a 14% increase.
Operating expenses equaled 32.7% of sales, compared to
29.7% in Q1 2025. Adjusting for PPA related depreciation and
amortization, the operating costs to sales ratio was 29.1%,
compared to 27.3% in Q1 2025.
Sales and distribution expenses (adjusted for PPA related
depreciation and amortization) increased by 13% in Q1 2026,
driven by the increase in commercial resources over the course
of 2025, both from organic expansion as well as the Feed
Enzyme Alliance acquisition. In addition, customer-facing
initiatives and increased Emerging Market presence
contributed to the higher level. Sales and distribution expenses
were therefore 14.0% of sales, compared to 12.9% in Q1 last
year.
Research and development expenses (adjusted for PPA related
depreciation and amortization) increased by 13% in Q1 2026
due to continued, planned investments in research and
development to drive near and long-term growth. Research
and Development expenses were 9.8% of sales, compared to
9.0% in Q1 2025.
Administrative expenses increased by 2% in Q1 2026, equal to
5.3% of sales, compared to 5.4% in Q1 last year.
Other net operating income amounted to EUR 4.4 million in Q1
2026, compared to EUR 1.0 million in Q1 2025.
Adjusted EBITDA
Adjusted EBITDA amounted to EUR 423.0 million in Q1 2026,
versus EUR 412.8 million last year. The adjusted EBITDA margin
was 37.8% in Q1 2026 compared to 38.3% last year. The margin
benefited from an improved gross margin and the expected
cost synergies as well as the anticipated positive impact of the
Feed Enzyme Alliance acquisition of around 50 bps. This was
more than offset by higher operating expenses and significant
currency headwinds. Recognition of deferred revenue related
to Advanced Protein Solutions impacted sales and earnings by
a low-single-digit million EUR amount in Q1 2026, on par with
Q1 2025.
Operating profit (EBIT) and adjusted EBIT
EBIT was EUR 266.8 million in Q1 2026 compared to EUR 265.5
million in Q1 2025. The EBIT margin in Q1 2026 was 23.8%
compared to 24.6% in Q1 2025.
Adjusted EBIT was EUR 273.3 million in Q1 2026, representing
an adjusted EBIT margin of 24.4%, compared to EUR 275.7
million and a margin of 25.6% in Q1 2025.
EUR million
Q1 2026 Q1 2025
Net sales
1,119.3 1,077.6
Gross profit 634.7 594.3
Gross margin
% 56.7 55.2
Adjusted gross margin
% 60.1 58.9
Sales and distribution expenses (185.2) (154.0)
Percentage of net sales
% 16.5 14.3
Percentage of net sales excluding PPA
% 14.0 12.9
Research and development expenses (120.9) (107.3)
Percentage of net sales
% 10.8 10.0
Percentage of net sales excluding PPA
% 9.8 9.0
Administrative expenses (59.7) (58.3)
Percentage of net sales
% 5.3 5.4
Operating expenses (365.8) (319.6)
Percentage of net sales % 32.7 29.7
Percentage of net sales excluding PPA % 29.1 27.3
Company Announcement no. 11 – May 5, 2026
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Net profit
Depreciation and amortization amounted to EUR 149.7 million
in Q1 2026, compared to EUR 137.1 million in Q1 2025. The
increase was mainly due to additional PPA depreciation and
amortization from the Feed Enzyme Alliance acquisition.
Special items totaled EUR 6.5 million in Q1 2026, decreasing
from EUR 10.2 million in Q1 2025. Special items were related to
integration expenses from the Feed Enzyme Alliance
acquisition, integration expenses from the Chr. Hansen
combination and expenses related to the implementation of a
new global ERP system for the combined business.
Net financial expenses totaled EUR 8.6 million, representing a
decrease of EUR 10.7 million compared to Q1 last year. The
development is mainly explained by higher currency hedging
gains more than offsetting higher interest expenses.
Profit before tax reached EUR 256.9 million in Q1 2026, up from
EUR 244.7 million in Q1 year.
The effective tax rate (ETR) was 22.5% for Q1 2026, compared
to 24.0% in Q1 2025.
Net profit totaled EUR 199.1 million in Q1 2026. The adjusted
net profit was EUR 204.7 million, compared to EUR 196.0
million in Q1 2025, an increase of 4%.
Adjusted net profit excluding PPA increased 8% to EUR 264.8
million in Q1 2026, up from EUR 245.9 million in 2025.
Adjusted earnings per share (EPS), diluted was EUR 0.44, an
increase of 5% in Q1 2026, compared to EUR 0.42 per share in
Q1 2025. Adjusted EPS excl. PPA, diluted was EUR 0.57 per
share, an increase of 8%, compared to EUR 0.53 per share in
Q1 2025.
Cash flows and investments
Cash flow from operating activities was EUR 167.1 million in Q1
2026. This was an increase of EUR 60.7 million compared to the
same period last year, mainly driven by the increase in net
profit as well as the relative improvement in working capital
compared to Q1 2025.
Cash flow from net investments excluding acquisitions in Q1
2026 amounted to EUR 93.1 million. This corresponds to a
CAPEX to sales ratio of 8.3%, compared to 5.1% of sales, or EUR
55.2 million, in Q1 2025.
Free cash flow before acquisitions was EUR 74.0 million,
corresponding to an increase of EUR 5.9 million, or 9%,
compared to Q1 2025.
On March 12, 2026, Novonesis successfully priced and closed
an aggregate principal amount of EUR 1.7 billion senior
unsecured notes. The issuance was completed under the newly
established EUR 4 billion Euro Medium Term Note (EMTN)
Program, dated March 10, 2026. Novonesis has obtained an A-
(stable outlook) rating by S&P Global Ratings.
The issuance consists of three tranches with maturities ranging
from 4 to 11 years and fixed interest rates ranging from 3.25%
to 4.00%. The net proceeds from the transaction of EUR 1,686.3
million were used to refinance existing debt related to the
acquisition of the Feed Enzyme Alliance and for general
corporate purposes.
Balance sheet and equity
Total assets were EUR 16,523.3 million on March 31, 2026, an
increase of EUR 174.2 million compared to December 31, 2025.
The development was partly due to an increase in Property,
Plant and Equipment.
Net interest-bearing debt was EUR 2,872.3 million on March
31, 2026, compared to EUR 2,727.8 million on December 31,
2025. The increase was mainly driven by the dividend payout
for 2025. The NIBD/EBITDA ratio was 2.0x on March 31, 2026,
compared to 1.9x at the end of 2025.
Total equity was EUR 10,919.6 million on March 31, 2026,
compared to EUR 10,855.2 million on December 31, 2025,
resulting in an equity ratio of 66.1% compared to 66.4% on
December 31, 2025.
Novonesis held 2,070,079 treasury shares, or 0.4% of the total
outstanding share capital, as of March 31, 2026.
Subsequent events
On April 1, 2026, Novonesis acquired all shares in Plumino
Precision Fermentation Co., Ltd., a production facility in
Rayong, Thailand increasing our footprint in Southeast Asia
and strengthening our ability to serve customers globally even
more effectively. The total consideration of EUR 40.7 million
(net of cash) was paid in cash.
Company Announcement no. 11 – May 5, 2026
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Food & Health Biosolutions
Net sales
Food & Health Biosolutions organic sales growth was 9% in the
first quarter of 2026, with 11% growth in Food & Beverages
and 5% growth in Human Health. This includes around 3
percentage points effect on organic sales growth in Food &
Health Biosolutions from exiting certain countries. Pricing
contributed a good 1 percentage point and sales synergies
contributed positively to growth.
Adjusted EBITDA margin
Adjusted EBITDA margin for Food & Health in first quarter of
2026 was 35.7%, 130 bps lower compared to the first quarter
of 2025, mainly explained by the increase in commercial
resources over the course of 2025, product mix, and strong
currency headwinds. This was partly offset by cost synergies
and economies of scale.
Distribution of sales by sales area (Q1 2026)
Food & Beverages
Food & Beverages organic sales growth was 11% in the first
quarter of 2026, and sales in EUR were up 5%. Organic sales
growth was impacted by around 4 percentage points effect
from exiting certain countries. Growth was driven by strong
momentum in Dairy and driven by upselling and strong
customer adoption of innovation, including increasing demand
for high protein Fresh dairy products, and supported by solid
growth in Cheese with good contribution from conversion. The
remaining industries all delivered growth driven by innovation
and penetration, led by Plant-based solutions and Beverages.
Human Health
Human Health organic sales growth was 5% in the first quarter
of 2026, and sales in EUR declined 1%. Organic sales growth
was impacted by around 1 percentage point effect from exiting
certain countries. Growth was driven by strong performance in
Advanced Health & Nutrition, driven by HMO, supported by
Advanced Protein Solutions. The performance in Dietary
Supplements was impacted by a softer probiotic supplements
market in North America.
75% 25%
Divisional performance
Food & Beverages
Organic sales growth: 11%
Human Health
Organic sales growth: 5%
Sales growth
Food &
Beverages
Human Health
Food & Health
Biosolutions
Organic sales growth % 11 5 9
Currency % (6) (5) (5)
M&A % 0 0 0
Sales growth, EUR % 5 (1) 4
Q1 2026
EUR million
Q1 2026 Q1 2025
Food & Beverages 370.6 352.7
Human Health 122.5 123.7
Net sales 493.1 476.4
Adjusted EBITDA 175.8 176.0
Adjusted EBITDA margin % 35.7 37.0
Company Announcement no. 11 – May 5, 2026
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Planetary Health Biosolutions
Net sales
Planetary Health Biosolutions organic sales growth was 5% in
the first quarter of 2026, with 5% growth in Agriculture, Energy
& Tech and 4% growth in Household Care. Pricing contributed
around 1 percentage point, and sales synergies also
contributed positively to growth. The anticipated inventory
build-up in Animal contributed a good 2 percentage points to
the organic sales growth. The Feed Enzyme Alliance acquisition
contributed 5% to EUR growth.
Adjusted EBITDA margin
Adjusted EBITDA margin for Planetary Health Biosolutions in
the first quarter of 2026 was 39.5%, an increase of 10 bps
compared to the first quarter of 2025. This was driven by the
Feed Enzyme Alliance acquisition and cost synergies, largely
offset by the increase in commercial resources over the course
of 2025 and currency headwinds.
Distribution of sales by sales area (Q1 2026)
Household Care
Household Care organic sales growth was 4% in the first
quarter of 2026, and sales in EUR were flat. Growth was driven
by increased market penetration, particularly with local and
regional players, and innovation across categories.
Agriculture, Energy & Tech
Organic sales growth in Agriculture, Energy & Tech was 5% in
the first quarter of 2026, and sales in EUR were up 6%,
positively impacted by 8% from the Feed Enzyme Alliance
acquisition. Growth was driven by Energy and Agriculture.
Strong growth in Energy was driven by Latin America and Asia
Pacific, reflecting increased capacity for ethanol production.
Growth in North America was driven by the adoption of
innovation and growing ethanol production volumes,
supported by continued expansion of ethanol exports. Growth
also benefitted from increased penetration of solutions for
biodiesel production as well as customer ramp-up of second-
generation biomass ethanol production. Strong growth in
Agriculture benefited from the anticipated inventory build-up
at a key customer, in Animal, contributing by around 4% to the
organic sales growth for Agriculture, Energy & Tech. Plant
declined driven by order timing and a high comparable while
Tech declined impacted by order timing in biopharma
processing aids as well as a high comparable.
35% 65%
Household Care
Organic sales growth: 4%
Agriculture, Energy & Tech
Organic sales growth: 5%
Sales growth
Household
Care
Agriculture,
Energy & Tech
Planetary
Health
Biosolutions
Organic sales growth % 4 5 5
Currency % (4) (7) (6)
M&A % 0 8 5
Sales growth, EUR % 0 6 4
Q1 2026
EUR million
Q1 2026 Q1 2025
Household Care 216.2 215.5
Agriculture, Energy & Tech 410.0 385.7
Net sales 626.2 601.2
Adjusted EBITDA 247.2 236.8
Adjusted EBITDA margin % 39.5 39.4
Company Announcement no. 11 – May 5, 2026
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The 2026 outlook is based on the current level of global trade
tariffs and economic outlook.
In the current macroeconomic environment, demand for our
biosolutions continues to be solid driven by customer and
consumer requirements for higher yield and higher efficiency,
healthier nutrients, cleaner and more sustainable foods and
solutions, as well as higher demand for biofuels where
countries look for energy diversification and security of supply
based on local and regional solutions.
The recent situation in the Middle East and its broader
implications to global market dynamics is difficult to fully
assess and leads to increased uncertainty; however, based on
our diversified end-market exposure and flexible regional
production footprint, and including our pricing capabilities, we
currently do not expect a material impact on our outlook. We
continue to monitor the development closely.
Organic sales growth
The full-year outlook for organic sales growth is maintained
between 5-7%. The outlook includes some uncertainty around
consumer sentiment for the year. The full-year outlook also
includes around 1 percentage point contribution from sales
synergies and a positive contribution from price of a good 1
percentage point. The full-year organic sales growth outlook
also includes close to a 1 percentage point effect from exiting
certain countries, impacting H1 2026.
Organic sales growth for the first half year is benefiting from
the expected timing impact relating to an inventory build-up
at a customer in the Animal business in the Agriculture, Energy
& Tech sales area. For the full year this effect will be neutral.
Food & Health Biosolutions
Food & Health Biosolutions is indicated to deliver organic sales
growth within the full-year range for the Group supported by
both sales areas. The exit from certain countries will have a
negative effect of close to 2 percentage points for the year.
Growth in Food & Beverages is expected to be driven by broad
performance across industries, supported by a positive impact
from revenue synergies. The exit from certain countries will
impact the first half of 2026 and is expected to have an effect
on full-year organic growth in Food & Beverages of around 2
percentage points. Growth in Human Health is expected to be
supported by Dietary Supplements as well as by Advanced
Health & Nutrition, led by HMO. Growth will also be supported
by a positive impact from revenue synergies, whereas the exit
from certain countries will have an effect of close to 1
percentage point for the sales area for the year, affecting the
first half of 2026. Additionally, the benefit from deferred
revenue on organic sales growth is expected to be around 1
percentage point in Human Health.
Planetary Health Biosolutions
Planetary Health Biosolutions is indicated to deliver organic
sales growth within the full-year range for the Group supported
by both sales areas and with relatively stronger growth in
Agriculture, Energy & Tech. Household Care growth will be
driven by increased penetration of solutions in both developed
and emerging markets. Agriculture, Energy & Tech growth is
expected to be broad-based, led by Energy, and with a positive
impact in the first half of the year from the inventory build-up
at a customer in the Animal business, that is expected to be
neutral for the year as it will be reduced in the subsequent
quarters.
Adjusted EBITDA margin
The outlook for the adjusted EBITDA margin is between 37-
38% with an expected margin expansion, including currency
headwinds of around half a percentage point, particularly
relating to the USD. The margin continues to benefit from sales
leverage and a positive gross margin development, as well as
the annualization of the announced cost synergies reaching
100% mid last year. The expected impact from the Feed
Enzyme Alliance acquisition on the full-year adjusted EBITDA
margin is expected at around 0.25 percentage points, similar to
that of 2025.
The following is provided for modelling purposes for 2026:
• Sales in reported EUR are expected to be ~1 percentage
point lower than the organic sales growth outlook, as
currencies at current rates are impacting negatively by
around 2 percentage points and the positive contribution
to sales growth from the Feed Enzyme Alliance is expected
at a good 1 percentage point for the year.
• Net financial expenses are indicated to be in the range of
EUR 80-90 million.
• CAPEX is expected to be between 12-14% of sales which
relates to significant production-capacity expansion
projects as also announced in relation to the 2030 GROW
strategy launch in August 2025.
• Special items are indicated to be ~EUR 40 million, relating
to the combination with Chr. Hansen, expenses for the
implementation of a new ERP system for the combined
business, and integration costs related to the Feed Enzyme
Alliance acquisition.
• NIBD/EBITDA is expected at ~1.7x times at year end.
Outlook
Company Announcement no. 11 – May 5, 2026
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Currency sensitivity and hedging of net currencies
Assuming constant conditions, a 5% move in USD to the EUR
impacts adjusted EBITDA around EUR 40-45 million on a full
year basis. The currency exposure for 2026 is 72% hedged at
an average EUR/USD rate of 1.15. When applying the most
recent currency spot rates for key currencies, they have a net
negative impact on the adjusted EBITDA margin outlook.
Currency hedging gains or losses are recognized in net
financials.
Currency exchange rates
The 2026 outlook is based on average exchange rates for the
first quarter and spot rates as of May 4 for the remainder of the
year. Compared to average exchange rates for 2025 the USD
has weakened by approximately 4% against the EUR. The BRL
has strengthened by ~5% against the EUR, while the CNY has
strengthened by ~1% against the EUR.
Net sales by currency (Q1 2026)
38%
35%
5%
7%
15%
EUR
USD
CNY
BRL
Other
EUR/USD EUR/BRL EUR/CNY
Average exchange rate 2025 1.13 6.3 8.1
Average exchange rate Q1 2025 1.05 6.2 7.7
Average exchange rate Q1 2026 1.17 6.2 8.1
Average exchange rate Q1 2026 compared to Q1 2025
% (11) 0 (6)
Spot rate as of May 4, 2026 1.17 5.9 8.0
Estimated exchange rate for 2026 as of February 24, 2026 1.18 6.1 8.1
Estimated exchange rate for 2026* 1.17 6.0 8.0
Estimated exchange rate for 2026* compared to 2025 % (4) 5 1
*Estimated 2026 exchange rate is a weighted average, applying 25% weight to the average exchange rate for Q1 2026 and 75% weight to the
spot rate as at May 4, 2026.
Company Announcement no. 11 – May 5, 2026
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Consolidated income statement
EUR million Note
Q1 2026 Q1 2025
Net sales 2, 3 1,119.3 1,077.6
Cost of goods sold (484.6) (483.3)
Gross profit 2 634.7 594.3
Sales and distribution expenses (185.2) (154.0)
Research and development expenses (120.9) (107.3)
Administrative expenses (59.7) (58.3)
Other operating income 4.4 1.0
Financial items, net (8.6) (19.3)
Profit before tax 256.9 244.7
Tax (57.8) (58.7)
Net profit 199.1 186.0
Attributable to
Shareholders of Novozymes A/S 199.1 186.0
Earnings per share, EUR 0.43 0.40
Earnings per share, diluted, EUR 0.43 0.40
Condensed consolidated
interim financial statements
Company Announcement no. 11 – May 5, 2026
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Consolidated statement of comprehensive income
EUR million
Q1 2026 Q1 2025
Net profit 199.1 186.0
Items that may subsequently be reclassified to the income statement:
Currency translation adjustments 141.9 (137.5)
Cash flow hedges:
Fair value adjustments (8.8) 18.0
Tax on fair value adjustments 1.9 (3.9)
Cash flow hedges reclassified to costs of goods sold (0.5) -
Cash flow hedges reclassified to financial expenses (11.6) 5.5
Tax on reclassified cash flow hedges 2.5 (1.2)
Other comprehensive income 125.4 (119.1)
Comprehensive income 324.5 66.9
Attributable to
Shareholders of Novozymes A/S 324.5 66.9
324.5 66.9
Company Announcement no. 11 – May 5, 2026
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Consolidated statement of cash flows
On March 31, 2026, undrawn committed credit facilities amounted to EUR 818.9 million (December 31, 2025: EUR 871.4 million), which
expire in 2026-2030.
EUR million Note
Q1 2026 Q1 2025
Net profit 199.1 186.0
Reversal of non-cash items 222.6 221.6
Income tax paid (30.0) (30.2)
Interest received 4.5 6.2
Interest paid (22.9) (16.4)
Change in working capital (206.2) (260.8)
Cash flow from operating activities 167.1 106.4
Investments
Purchase of intangible assets (14.0) (9.8)
Purchase of property, plant and equipment (79.1) (45.4)
Shareholders:
Purchase of treasury shares - (30.8)
Sale of treasury shares 4.8 15.2
Dividend paid (265.1) -
Withheld dividend tax 49.0 -
Cash flow from financing activities (25.9) (102.1)
Net cash flow 48.1 (34.0)
Unrealized gain/(loss) on currencies and financial assets
included in cash and cash equivalents
3.8 3.5
Net change in cash and cash equivalents 51.9 (30.5)
Cash and cash equivalents at the beginning of the period 275.3 280.0
Cash and cash equivalents at the end of the period 327.2 249.5
Company Announcement no. 11 – May 5, 2026
Page 15/25
Consolidated balance sheet
Assets
Liabilities and equity
EUR million
Mar. 31, 2026 Mar. 31, 2025 Dec. 31, 2025
Goodwill 6,273.6 5,534.3 6,192.9
Other intangible assets 4,865.4 4,342.9 4,895.5
Property, plant and equipment 3,055.2 2,915.1 2,998.3
Deferred tax assets 244.8 272.3 242.2
Other financial assets 16.4 18.4 13.6
Investments in associates 16.2 22.7 17.5
Other receivables 6.0 5.8 5.9
Non-current assets 14,477.6 13,111.5 14,365.9
Inventories 792.7 730.3 772.2
Trade receivables 756.4 741.6 716.5
Contract assets 16.5 10.3 35.9
Tax receivables 7.9 81.4 46.0
Other receivables 142.8 125.8 117.0
Other financial assets 2.2 7.0 20.3
Cash and cash equivalents 327.2 249.5 275.3
Current assets 2,045.7 1,945.9 1,983.2
Assets 16,523.3 15,057.4 16,349.1
EUR million
Mar. 31, 2026 Mar. 31, 2025 Dec. 31, 2025
Common shares 125.4 125.6
125.5
Reserves and retained earnings 10,794.2 11,105.1
10,729.7
Total equity 10,919.6 11,230.7 10,855.2
Deferred tax liabilities 1,314.4 1,247.0 1,316.1
Provisions 25.1 42.4 23.5
Contract liabilities 76.6 98.0 79.9
Borrowings 6 2,923.2 1,269.1 1,303.9
Other liabilities 42.0 - 29.2
Non-current liabilities 4,381.3 2,656.5 2,752.6
Borrowings 6 289.1 429.9 1,701.5
Trade payables 363.8 317.6 420.8
Contract liabilities 28.2 26.4 26.0
Tax payables 107.6 127.8 116.7
Other liabilities 433.7 268.5 476.3
Current liabilities 1,222.4 1,170.2 2,741.3
Liabilities 5,603.7 3,826.7 5,493.9
Liabilities and equity 16,523.3 15,057.4 16,349.1
Company Announcement no. 11 – May 5, 2026
Page 16/25
Consolidated statement of equity
3
EUR million
Common
shares
Currency
translation
adjustments
Cash flow
hedges
Retained
earnings
Total
Equity at January 1, 2026 125.5 (437.0) 8.2 11,158.5 10,855.2
Net profit for the period 199.1 199.1
Other comprehensive income for the period (0.1) 148.2 (16.5) (6.2) 125.4
Total comprehensive income for the period (0.1) 148.2 (16.5) 192.9 324.5
Sale of treasury shares 4.8 4.8
Equity at January 1, 2025 125.6 39.0 (21.0) 11,032.4 11,176.0
Net profit for the period 186.0 186.0
Other comprehensive income for the period - (135.6) 18.4 (1.9) (119.1)
Total comprehensive income for the period - (135.6) 18.4 184.1 66.9
Purchase of treasury shares (30.8) (30.8)
Sale of treasury shares 15.2 15.2
Share-based payment 5.7 5.7
Tax related to equity items (2.3) (2.3)
Changes in equity - (135.6) 18.4 171.9 54.7
Equity at March 31, 2025 125.6 (96.6) (2.6) 11,204.3 11,230.7
Attributable to shareholders of Novozymes A/S
Company Announcement no. 11 – May 5, 2026
Page 17/25
1. Basis of reporting
The interim report has been prepared in accordance with IAS
34, Interim Financial Reporting, as adopted by the EU, and
additional disclosure requirements in the Danish Financial
Statements Act.
The accounting policies applied in the interim report are
consistent with those applied in the Annual Report 2025,
except for the adoption of new, amended or revised
accounting standards (IFRSs) endorsed by the EU effective for
the accounting period beginning on January 1, 2026. None of
these amendments have had, and is not expected to have, a
significant impact on the condensed consolidated interim
financial statements.
Reference is made to Note 1 in the Annual Report 2025 for
further details.
Key accounting estimates and judgements
When preparing the consolidated condensed interim financial
statements, Management is required to make estimates and
judgments that can have a significant effect on the application
of policies and the reported amounts of assets, liabilities,
income, expenses and related disclosures.
Key accounting estimates and judgements are regularly
assessed to adapt to the market conditions and changes in
political and economic factors. Except for the estimates and
judgements commented below, the key accounting estimates
and judgments made by Management were in material the
same as applied for the Annual Report 2025. For further details,
reference is made to Note 1 in the Annual Report 2025 and to
specific notes.
The recent situation in the Middle East and its broader
implications to global demand and supply is difficult to fully
assess; however, based on our diversified end-market exposure
and flexible regional production footprint, including our
capabilities to pass on price increases, we currently do not
expect a material impact on our outlook. We continue to
monitor the development closely. Reference is made to
‘Outlook’.
2. Segments
Operating segments
Novonesis operates in two segments: Food & Health
Biosolutions and Planetary Health Biosolutions representing
the entirety of the Group’s 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 consists of two sales areas: Food &
Beverages and Human Health. Planetary Health Biosolutions
consists of two sales areas: Household Care and Agriculture,
Energy & Tech.
Notes
Company Announcement no. 11 – May 5, 2026
Page 18/25
2. Segments (continued)
Geographical distribution of net sales
The geographical distribution of net sales is based on
the country in which the goods are delivered.
3. Net sales
EUR million
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Total
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Total
Net sales 493.1 626.2 1,119.3 476.4 601.2 1,077.6
Cost of goods sold (225.0) (259.6) (484.6) (222.1) (261.2) (483.3)
Gross profit 268.1 366.6 634.7 254.3 340.0 594.3
Gross margin % 54.4 58.5 56.7 53.4 56.5 55.2
Adjusted EBITDA 175.8 247.2 423.0 176.0 236.8 412.8
Adjusted EBITDA margin % 35.7 39.5 37.8 37.0 39.4 38.3
Depreciation, amortization and
impairment losses
(149.7) (137.1)
Special items
(6.5) (10.2)
Operating profit (EBIT) 266.8 265.5
Share of result in associates (1.3) (1.5)
Financial items, net (8.6) (19.3)
Profit before tax 256.9 244.7
Q1 2026
Q1 2025
EUR million
Q1 2026 Q1 2025
Denmark
11.5 14.7
Rest of Europe, Middle East & Africa 390.8 379.3
North America 336.8 344.0
Asia Pacific 217.3 207.6
Latin America 162.9 132.0
Net sales 1,119.3 1,077.6
Developed markets 701.2 689.4
Emerging markets 418.1 388.2
Net sales 1,119.3 1,077.6
EUR million
Q1 2026 Q1 2025
Food & Health Biosolutions
Food & Beverages 370.6 352.7
Human Health 122.5 123.7
493.1 476.4
Planetary Health Biosolutions
Household Care 216.2 215.5
Agriculture, Energy & Tech 410.0 385.7
626.2 601.2
Net sales 1,119.3 1,077.6
Company Announcement no. 11 – May 5, 2026
Page 19/25
4. Special items
5. Business acquisitions
Acquisitions after March 31, 2026
On April 1, 2026, Novonesis acquired a production facility in
Rayong, Thailand increasing our footprint in Southeast Asia
and strengthening our ability to serve customers globally even
more effectively.
The acquisition was completed through the acquisition of all
shares in Plumino Precision Fermentation (Thailand) Co., Ltd.
and the related intellectual property rights. The total
consideration of EUR 40.7 million (net of cash) was paid in cash.
The acquisition includes property, plant and equipment-
related assets, intellectual property rights, cash and cash
equivalents and employee related liabilities.
The acquisition will be accounted for as a business combination
using the acquisition method under IFRS 3 where Novozymes
A/S was identified as the acquirer and Plumino Precision
Fermentation (Thailand) Co., Ltd. was identified as the acquiree.
The acquisition closed on April 1, 2026 and therefore a
provisional purchase price allocation has not been prepared,
hence no further disclosures are available in the Interim report
for Q1 2026.
6. Borrowings
On March 12, 2026, Novonesis successfully priced and closed
an aggregate principal amount of EUR 1.7 billion senior
unsecured notes. The issuance was completed under the newly
established EUR 4 billion Euro Medium Term Note (EMTN)
program. Novonesis has been rated A- (stable outlook) by
Standard & Poor's.
The net proceeds from the transaction of EUR 1,686.3 million
were used to refinance existing debt, including the bridge
facility related to Novonesis’ purchase of the dsm firmenich’s
part of the Feed Enzyme Alliance in 2025, and for general
corporate purposes. The refinancing of debt and issue of bonds
with fixed interest rates has further reduced the Groups interest
rate risk.
EUR million Q1 2026 Q1 2025
Integration costs related to the combination with Chr. Hansen (4.7) (3.5)
Transaction and integration costs related to the acquisition of
dsm-firmenich’s share of the Feed Enzyme Alliance
(0.1) (4.8)
Implementation of a new global ERP system for the combined business (1.7) (1.9)
Special items (6.5) (10.2)
Company Announcement no. 11 – May 5, 2026
Page 20/25
The bonds are initially recognized at the fair value of the
proceeds received less transaction costs paid. In subsequent
periods, they are measured at amortized cost using the
effective interest rate.
On March 31, 2026, the fair value of the bonds is approximately
EUR 1,684.6 million (level 1). For the remaining financial
liabilities measured at amortized cost, the carrying amounts
approximate fair value.
7. Events after the reporting date
On April 1, 2026, Novonesis acquired all shares in Plumino
Precision Fermentation Co., Ltd., a production facility in
Rayong, Thailand increasing our footprint in Southeast Asia
and strengthening our ability to serve customers globally even
more effectively. The total consideration of EUR 40.7 million
(net of cash) was paid in cash.
No other events have occurred subsequent to March 31, 2026,
which could have a significant impact on the condensed
consolidated interim financial statements.
EUR million
Mar. 31, 2026 Dec. 31, 2025
Bonds 1,686.3 -
Credit institutions 1,139.2 2,633.1
Mortgage debt 180.1 180.4
Lease liabilities 193.9 189.6
Derivatives 12.8 2.3
Borrowings 3,212.3 3,005.4
Recognized in the balance sheet as follows:
Non-current 2,923.2 1,303.9
Current 289.1 1,701.5
Borrowings 3,212.3 3,005.4
Bond overview Currency
Nominal value
EUR million
Interest rate
%
Maturity
Novozymes 3.25% 2030 EUR 500 3.250 2030
Novozymes 3.625% 2033 EUR 600 3.625 2033
Novozymes 4.00% 2037 EUR 600 4.000 2037
Company Announcement no. 11 – May 5, 2026
Page 21/25
Statement of the Board of Directors and the Executive
Management
The Board of Directors and the Executive Management have
today considered and approved the Interim report Q1 2026 of
Novozymes A/S (Novonesis A/S) for the period January 1 to
March 31, 2026.
The condensed consolidated interim financial statements,
which have not been audited or reviewed by the company's
independent auditors, have been prepared in accordance with
IAS 34 ‘Interim Financial Reporting’, as adopted by the EU, and
additional requirements in the Danish Financial Statements Act.
It is our opinion that the condensed consolidated interim
financial statements give a true and fair view of the financial
position of the Group at March 31, 2026, as well as of the
results of the Group’s operations and consolidated cash flows
for the period January 1 to March 3, 2026.
Further, in our opinion, the Management’s review contains a
fair review of the development in the Group’s operations and
financial matters, the results of operations, consolidated cash
flows and financial position, as well as a description of the most
significant risks and elements of uncertainty facing the Group.
Apart from the disclosures provided in this Interim report, no
changes in the Group’s most significant risks and elements of
uncertainty have occurred relative to the disclosures in the
Annual Report 2025.
Statement and information
Bagsvaerd, May 5, 2026
Executive Management
Ester Baiget
President & CEO
Rainer Lehmann
CFO
Board of Directors
Cornelis (Cees) de Jong
Chair
Heine Dalsgaard
Vice Chair
Robert Nøddeskov Jensen
Lise Kaae
Monila Kothari
Kasim Kutay
Lars Bo Køppler
Kevin Lane
Preben Nielsen
Morten Otto Alexander Sommer
Frederikke Rose Spenner
Kim Stratton
Company Announcement no. 11 – May 5, 2026
Page 22/25
Financial definitions and ratios
Financial ratios have been prepared in accordance with the
guidelines from the Danish Society of Financial Analysts and
supplemented by certain key ratios for Novonesis.
Please refer to the Annual Report for 2025 for the definitions
of non-IFRS financial measures and key ratios.
Non-IFRS financial measures
Novonesis uses certain financial measures that are not defined
in IFRS to describe and explain the Group’s financial
performance, financial position and cash flows. These financial
measures may therefore be defined and calculated differently
from similar measures in other companies and thus may not be
comparable.
The Management believes that these adjusted financial
measures offer a relevant alternative perspective on Novonesis’
underlying operating performance by excluding items that are
not considered part of the operating performance. The
adjusted financial measures mainly exclude impacts from
accounting for acquisitions and special items.
The following tables provide reconciliations of the non-IFRS
financial measures to the nearest IFRS measures applied in the
interim report:
EUR million
Q1 2026 Q1 2025
Gross profit 634.7 594.3
PPA depreciation and amortization 37.5 39.9
Adjusted gross profit 672.2 634.2
Adjusted gross margin % 60.1 58.9
EUR million
Q1 2026 Q1 2025
Operating profit (EBIT)
266.8 265.5
Amortization
85.7 72.8
EUR million
Operating profit (EBIT) 266.8 265.5
Special items 6.5 10.2
Adjusted EBIT 273.3 275.7
Adjusted EBIT margin % 24.4 25.6
EUR million
Q1 2026 Q1 2025
PPA depreciation, amortization and impairment losses by function
Cost of goods sold (37.5) (39.9)
Sales and distribution expenses (28.5) (15.2)
Research and development expenses (11.3) (10.0)
PPA depreciation, amortization and impairment losses (77.3) (65.1)
Company Announcement no. 11 – May 5, 2026
Page 23/25
EUR million
Q1 2026 Q1 2025
Net profit attributable to the shareholders of Novozymes A/S
199.1 186.0
Special items
6.5 10.2
Tax impact
(0.9) (0.2)
Adjusted net profit
204.7 196.0
PPA depreciation and amortization
77.3 65.1
Tax impact
(17.2) (15.2)
Adjusted earnings per share, diluted, EUR
0.44 0.42
Adjusted earnings per share excluding PPA, diluted, EUR
0.57 0.53
EUR million
Q1 2026 Q1 2025
Cash flows from operating activities 167.1 106.4
Cash flows from investing activities (93.1) (38.3)
Free cash flow 74.0 68.1
Cash flows from business acquisitions, etc. - -
Free cash flow before acquisitions and divestments 74.0 68.1
Company Announcement no. 11 – May 5, 2026
Page 24/25
Contact information
Investor Relations
Tobias Bjorklund, +45 3077 8682, tobb@novonesis.com
Anders Enevoldsen, +45 5350 1453, adev@novonesis.com
Louise Pugholm Aabo, lspa@novonesis.com
Media Relations
Jens Gamborg, +45 3077 7182, jgam@novonesis.com
Forward-looking statements
This announcement includes forward-looking statements,
including statements relating to the operating, financial and
sustainability performance and results of the group and/or the
industry in which it operates. Forward-looking statements
include, without limitation, any statement that may predict,
forecast, indicate or imply future results, performance or
achievements, and may contain words such as "aim",
"anticipate", "assess", "assume", "believe", "continue", "could",
"estimate", "expect", "goal", "hope", "intend", "may",
"objective", "plan", "position", "potential", "predict", "project",
"risk", "seek", "should", "target", "will", "would", or any
variations of such words or other words with similar meanings.
Any such statements are subject to risks and uncertainties that
could cause the group's actual results to differ materially from
the results discussed in such forward-looking statements.
Prospective information is based on management’s then
current expectations or forecasts. Such information is subject
to the risk that such expectations or forecasts, or the
assumptions underlying such expectations or forecasts, may
change. Unless as required by applicable laws, the group
assumes no obligation to update any such forward-looking
statements to reflect actual results, changes in assumptions or
changes in other factors affecting such forward-looking
statements.
Factors that could cause the group’s actual results to differ
materially from those expressed in its forward-looking
statements include, but are not limited to: i) unexpected
developments in the ability to develop and market new
products; ii) fluctuations in the demand for the group’s
products, market-driven price decreases, industry
consolidation, and launches of competing products or
disruptive technologies in the group’s core business areas; iii)
changes in the ability to protect and enforce the company’s
intellectual property rights; iv) significant litigation or breaches
of contract; v) the materialization of the company’s growth
platforms; vi) political conditions, such as acceptance of
enzymes produced by genetically modified organisms; vii)
global economic and capital market conditions, including, but
not limited to, currency exchange rates (USD/DKK and
EUR/DKK in particular, but not exclusively), interest rates, and
inflation; viii) significant price decreases for input and other
materials that compete with the group’s solutions; and ix)
changes in laws or interpretations thereof, including those
related to reimbursement, intellectual property protection,
marketing, and taxation (including tariffs and duties). New risk
factors can arise, and it may not be possible for management
to predict all such risk factors, nor to assess the impact of all
such risk factors on the group's business or the extent to which
any individual risk factor, or combination of factors, may cause
results to differ materially from those contained in any forward-
looking statement. Accordingly, forward-looking statements
should not be relied upon as predictions of actual future events
or otherwise.
Company Announcement no. 11 – May 5, 2026
Page 25/25
Copyright © 2026 Novonesis Group. All rights reserved.
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