Company Announcement no. 15 - August 19, 2026
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Company Announcement no. 15 - August 19, 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
H1 2026
Company Announcement no. 15 - August 19, 2026
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Management’s review
Highlights 3
Key figures and financial ratios 4
Group performance 5
Divisional performance 9
Outlook 13
Condensed consolidated
interim financial statements
Consolidated income statement 15
Consolidated statement of comprehensive income 16
Consolidated statement of cash flows 17
Consolidated balance sheet 18
Consolidated statement of equity 19
Notes
1. Basis of reporting 20
2. Segments 21
3. Net sales 22
4. Special items 22
5. Business acquisitions 23
6. Borrowings 24
7. Events after the reporting date 24
Statement and information
Statement by the Board of Directors and the Executive
Management 25
Financial definitions and ratios 26
Non-IFRS financial measures 26
Contact information 28
Forward-looking statements 28
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 H1 and Q2 2026 compared with 2025.
Rounding discrepancies may occur because totals have been rounded off and the underlying decimals are not presented.
Company Announcement no. 15 - August 19, 2026
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Strong first half year at 8% organic sales growth. 2026 outlook: Organic sales growth increased to 7-8% and the
adjusted EBITDA margin expected at the higher end of the 37-38% range. Inaugural share buy-back program
announced.
Ester Baiget, President & CEO: “
We continue to deliver strong results
with positive momentum across all sales areas and in both
developed and emerging markets, also driving strong profitability and cash flow. Our sustained performance quarter after quarter
underlines the growing need for biosolutions, the strength of our offering and the resilience of our broad market reach. On this basis,
we raise the full-year outlook”.
• Strong broad-based organic sales growth of 8% (Q2: 9%) including ~1.5 pp negative effect from exiting certain countries.
Price contributed close to 2 pp and revenue synergies contributed a good 1 pp.
• Food & Health Biosolutions grew 9% (Q2: 9%) organically driven by Food & Beverages and included ~3 pp negative effect
from exiting certain countries; Planetary Health Biosolutions grew 7% (Q2: 9%) organically with both Household Care and
Agriculture, Energy & Tech performing very well.
• Developed markets grew 8% (Q2: 8%) organically and emerging markets 8% (Q2: 11%) including ~4 pp negative effect from
exiting certain countries.
• Adjusted EBITDA margin at 37.7% (Q2: 37.6%), 30bps (Q2: 120bps) higher than last year incl. currency headwind.
• Adjusted net profit excl. PPA increased 8% (Q2: 9%).
• NIBD/EBITDA at 1.8x, and free cash flow bef. acq. at 14% of sales. CAPEX-to-sales ratio at 9.7% as planned.
• 2026 outlook: Organic sales growth range increased to 7-8% (previously 5-7%). Full year outlook includes a close to 1 pp
negative effect from exiting certain countries. Adj. EBITDA margin expected at the higher end of the 37-38% range.
• Interim dividend for first six months of 2026 approved by Board of Directors at DKK 2.35 (EUR 0.31) per share.
• Inaugural multi-year share buyback program in a total amount of EUR 1 billion approved to be initiated during the second
half of 2026 and expected to be completed by the end of 2029.
• As communicated on August 10, an agreement was signed to acquire the remaining 77% of MicroBioGen.
Selected key figures and ratios
Divisional organic sales growth
EUR million
H1 2026 H1 2025 Q2 2026 Q2 2025
Net sales 2,235.5 2,096.1 1,116.2 1,018.5
Organic sales growth % 8 9 9 8
Adjusted gross margin % 59.7 58.7 59.4 58.6
Free cash flow before acquisitions 307.6 307.1 233.6 239.0
NIBD/EBITDA x 1.8 2.1
H1 2026 H1 2025 Q2 2026 Q2 2025
Food & Beverages % 11 10 11 8
Human Health % 4 12 4 11
Food & Health Biosolutions % 9 10 9 9
Household Care % 8 8 12 4
Agriculture, Energy & Tech % 6 9 7 8
Planetary Health Biosolutions % 7 9 9 7
Highlights
Conference call: Webcast
August 20, 2026, 9.00 CEST
Please pre-register for the call here
Company Announcement no. 15 - August 19, 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
H1 2026 H1 2025 Q2 2026 Q2 2025
Income statement
Net sales 2,235.5 2,096.1 1,116.2 1,018.5
Gross profit 1,256.4 1,138.8 621.7 544.5
Operating profit (EBIT) before special items 534.9 495.5 261.6 219.8
Special items (15.3) (37.5) (8.8) (27.3)
Operating profit (EBIT) 519.6 458.0 252.8 192.5
Financial items, net (38.5) (35.0) (29.9) (15.7)
Net profit 370.8 322.8 171.7 136.8
Adjusted gross profit 1,335.2 1,230.8 663.0 596.6
Adjusted EBITDA 842.2 783.4 419.2 370.6
Adjusted EBIT 534.9 509.7 261.6 234.0
Adjusted net profit 384.1 365.9 179.4 169.9
Adjusted net profit excluding PPA 507.1 468.0 242.3 222.1
Balance sheet
Total assets 16,633.0 16,401.1
Equity 11,154.9 10,742.9
Invested capital 13,876.8 13,714.8
Net interest-bearing debt 2,737.6 2,987.8
Cash flows and investments
Cash flow from operating activities 523.3 426.5 356.2 320.1
Cash flow from net investments excl. acquisitions (215.7) (119.4) (122.6) (81.1)
Free cash flow before acquisitions 307.6 307.1 233.6 239.0
Key ratios
Organic sales growth % 8 9 9 8
Gross margin % 56.2 54.3 55.7 53.5
R&D expenses (% of sales) % 10.8 10.3 10.7 10.8
EBIT margin before special items % 23.9 23.6 23.4 21.6
EBIT margin % 23.2 21.9 22.6 18.9
Effective tax rate % 22.5 23.0 22.5 21.6
Equity ratio % 67.1 65.5
NIBD/EBITDA x 1.8 2.1
Capex ratio (% of sales) % 9.7 6.6 11.0 8.1
Earnings per share (EPS), diluted EUR 0.80 0.69 0.37 0.29
Adjusted gross margin % 59.7 58.7 59.4 58.6
Adjusted EBITDA margin % 37.7 37.4 37.6 36.4
Adjusted EBIT margin % 23.9 24.3 23.4 23.0
Adjusted earnings per share (EPS), diluted EUR 0.82 0.78 0.38 0.36
Adjusted earnings per share (EPS) excluding PPA, diluted EUR 1.09 1.00 0.52 0.47
Key figures and financial ratios
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Income statement
Net sales
Novonesis realized 8% organic sales growth in H1 2026. Sales
amounted to EUR 2,235.5 million, equivalent to an increase of
7% in EUR including a negative currency impact of 4% and, as
expected, a positive M&A impact of 3% relating to the Feed
Enzyme Alliance acquisition in June 2025. Pricing contributed
close to 2 percentage points while sales synergies contributed
a good 1 percentage point to the group organic sales growth.
The anticipated inventory build-up in Q1 from a key customer
in Animal contributed positively to the organic sales growth.
Organic sales growth includes around 1.5 percentage points
negative effect from exiting certain countries.
Both developed markets and emerging markets grew 8%
organically. Emerging markets growth includes around 4
percentage points negative effect from exiting certain
countries.
In the second quarter organic sales growth was 9%. Sales
amounted to EUR 1,116.2 million, equivalent to an increase of
10%, including a negative currency impact of 1% and a positive
M&A impact of 2% relating to the Feed Enzyme Alliance
acquisition. Pricing contributed around 2 percentage points
while sales synergies contributed a good 1 percentage point.
There was no inventory build-up in Animal in the second
quarter. Organic sales growth includes around 1.5 percentage
points negative effect from exiting certain countries.
Developed markets grew organically by 8%, and emerging
markets grew 11%, including around 4 percentage points
negative effect from exiting certain countries.
Geographical distribution of net sales (H1/Q2 2026)
Developed markets
Emerging markets
62%
38%
35%
31%
19%
15%
Europe, the Middle East & Africa
North America
Asia Pacific
Latin America
Group performance
Sales growth
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Group
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Group
Organic sales growth % 9 7 8 9 9 9
Currency % (4) (4) (4) (2) (1) (1)
M&A % 0 5 3 0 4 2
Sales growth, EUR % 5 8 7 7 12 10
H1 2026
Q2 2026
Organic sales growth: 8%/11%
Organic sales growth: 8%/8%
Organic sales growth: 4%/4%
Organic sales growth: 7%/7%
Organic sales growth: 18%/22%
Organic sales growth: 9%/12%
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Gross margin
The gross margin was 56.2% in H1 2026 (H1 2025: 54.3%), and
the adjusted gross margin was 59.7%, an increase of 100 bps
compared to the adjusted gross margin of H1 2025. The
stronger adjusted gross margin was driven by pricing,
productivity improvements and sales leverage. This was partly
offset by product mix related to HMO.
Gross margin was 55.7% in Q2 2026 (Q2 2025: 53.5%), and the
adjusted gross margin was 59.4%. This was an increase of 80
bps compared to adjusted gross margin of Q2 2025 driven by
similar factors as those for the first half of the year.
Operating expenses
Operating expenses totaled EUR 730.3 million in H1, compared
to EUR 649.4 million in H1 last year, equal to a 12% increase.
Operating expenses equaled 32.7% of sales, compared to
31.0% in H1 2025. Adjusting for PPA related depreciation and
amortization, the operating costs to sales ratio was 29.1%,
compared to 28.4% in H1 2025.
In the second quarter, operating costs totaled EUR 364.5
million, compared to EUR 329.8 million in Q2 2025, equivalent
to a 11% increase. This equals 32.7% of sales, an increase of 30
bps compared to Q2 2025. Adjusting for PPA related
depreciation and amortization, the operating costs to sales
ratio was 29.1%, compared to 29.5% in Q2 2025.
Sales and distribution expenses (adjusted for PPA related
depreciation and amortization) increased by 9% in H1 2026,
driven by increased commercial resources over the course of
2025, both from organic expansion as well as the Feed Enzyme
Alliance acquisition. Customer-facing initiatives and increased
Emerging Market presence to support growth contributed to
the higher level. Sales and distribution expenses were 13.9% of
sales, compared to 13.5% in H1 last year. In Q2 sales and
distribution expenses were 13.8% of sales compared to 14.3%
in Q2 2025.
Research and development expenses (adjusted for PPA related
depreciation and amortization) increased by 11% in H1 2026,
in line with our strategy to invest in future opportunities.
Research and Development expenses were 9.8% of sales,
compared to 9.4% in H1 2025. In Q2 research and development
expenses were 9.7% of sales compared to 9.7% in Q2 2025.
Administrative expenses increased by 7% in H1 2026, equal to
5.4% of sales, on par with the ratio in H1 last year. In Q2
administrative expenses were 5.6% of sales compared to 5.5%
in Q2 2025.
Other net operating income amounted to EUR 8.8 million in H1
2026, compared to EUR 6.1 million in H1 2025. In Q2 other net
operating income was EUR 4.4 million compared to EUR 5.1
million in Q2 2025.
Adjusted EBITDA
Adjusted EBITDA amounted to EUR 842.2 million in H1 2026,
versus EUR 783.4 million last year. The adjusted EBITDA margin
was 37.7% in H1 2026 compared to 37.4% last year. The margin
benefited from an improved gross margin, including a minor
benefit from an inventory build-up at a key customer in Animal
in the first quarter. This was partly offset by higher operating
expenses and currency headwinds. Recognition of deferred
EUR million
H1 2026 H1 2025 Q2 2026 Q2 2025
Net sales
2,235.5 2,096.1 1,116.2 1,018.5
Gross profit 1,256.4 1,138.8 621.7 544.5
Gross margin
% 56.2 54.3 55.7 53.5
Adjusted gross margin
% 59.7 58.7 59.4 58.6
Sales and distribution expenses (367.8) (318.6) (182.6) (164.6)
Percentage of net sales
% 16.5 15.2 16.4 16.2
Percentage of net sales excluding PPA
% 13.9 13.5 13.8 14.3
Research and development expenses (240.8) (216.9) (119.9) (109.6)
Percentage of net sales
% 10.8 10.3 10.7 10.8
Percentage of net sales excluding PPA
% 9.8 9.4 9.7 9.7
Administrative expenses (121.7) (113.9) (62.0) (55.6)
Percentage of net sales
% 5.4 5.4 5.6 5.5
Operating expenses (730.3) (649.4) (364.5) (329.8)
Percentage of net sales % 32.7 31.0 32.7 32.4
Percentage of net sales excluding PPA % 29.1 28.4 29.1 29.5
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revenue related to Advanced Protein Solutions impacted sales
and earnings by a low-single-digit million EUR amount in both
Q1 and Q2 of 2026, on par with last year.
For the second quarter, adjusted EBITDA was EUR 419.2 million,
representing an adjusted EBITDA margin of 37.6%. This
compares to EUR 370.6 million at a margin of 36.4% in Q2 2025,
representing an increase of EUR 48.6 million or 13%, driven by
stronger sales and related economies of scale.
Operating profit (EBIT) and adjusted EBIT
EBIT was EUR 519.6 million in H1 2026 compared to EUR 458.0
million in H1 2025, an increase of 13%. The EBIT margin in H1
2026 was 23.2% compared to 21.9% in H1 2025. In Q2 EBIT was
EUR 252.8 million with an EBIT margin of 22.6% compared to
EBIT of EUR 192.5 million with an EBIT margin of 18.9% in Q2
2025.
Adjusted EBIT was EUR 534.9 million in H1 2026, representing
an adjusted EBIT margin of 23.9%, compared to EUR 509.7
million and a margin of 24.3% in H1 2025. In Q2 2026 adjusted
EBIT was EUR 261.6 million with an adjusted EBIT margin of
23.4%, compared to EUR 234.0 million and a margin of 23.0%
in Q2 last year.
Net profit
Depreciation and amortization amounted to EUR 307.3 million
in H1 2026, compared to EUR 273.7 million in H1 2025. In Q2
depreciation and amortization amounted to EUR 157.6 million
compared to EUR 136.6 million in Q2 2025.
Special items totaled EUR 15.3 million in H1 2026, decreasing
from EUR 37.5 million in H1 2025. Special items were mainly
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. In Q2
special items were EUR 8.8 million compared to EUR 27.3
million in Q2 2025 which was elevated due to the acquisition
of the Feed Enzyme Alliance.
Net financial expenses totaled EUR 38.5 million, compared EUR
35.0 million in H1 last year. The development is mainly
explained by currency hedging gains, offset by higher interest
expenses. In Q2 net financial expenses was EUR 29.9 million
compared to EUR 15.7 million in Q2 2025 due to a higher debt
level following the acquisition of the Feed Enzyme Alliance in
June 2025.
Profit before tax reached EUR 478.5 million in H1 2026, up from
EUR 419.2 million in H1 year. In Q2 profit before tax was EUR
221.6 million compared to EUR 174.5 in Q2 2025.
The effective tax rate (ETR) was 22.5% for H1 2026, compared
to 23.0% in H1 2025 and 22.5% in Q2 2026 compared to 21.6%
in Q2 2025.
Net profit totaled EUR 370.8 million in H1 2026 compared to
EUR 322.8 million in H1 2025. The adjusted net profit was EUR
384.1 million, compared to EUR 365.9 million in H1 2025, an
increase of 5%. In Q2 net profit was EUR 171.7 million, while
adjusted net profit was EUR 179.4 million, compared to EUR
169.9 million in Q2 2025, equivalent to an increase of 6%.
Adjusted net profit excluding PPA increased 8% to EUR 507.1
million in H1 2026, up from EUR 468.0 million in H1 2025. In Q2
adjusted net profit excluding PPA was EUR 242.3 million,
compared to EUR 222.1 million, equivalent to an increase of
9%.
Adjusted earnings per share (EPS), diluted was EUR 0.82, an
increase of 5% in H1 2026, compared to EUR 0.78 per share in
H1 2025. Adjusted EPS excl. PPA, diluted was EUR 1.09 per
share, an increase of 9%, compared to EUR 1.00 per share in H1
2025.
Cash flows and investments
Cash flow from operating activities was EUR 523.3 million in H1
2026. This was a 23% increase of EUR 96.8 million compared to
the same period last year, mainly driven by the increase in net
profit and higher depreciation and amortization. For the
second quarter of 2026, cash flow from operating activities
totaled EUR 356.2 million, compared to EUR 320.1 million in Q2
2025. This improvement was mainly driven by higher net profit
and higher depreciation and amortization compared to last
year. This was partly offset by increased inventory due to
planned production site maintenance shutdown.
Cash flow from net investments excluding acquisitions in H1
2026 amounted to EUR 215.7 million. The CAPEX to sales ratio
was 9.7%, compared to 6.6% in H1 2025 and in alignment with
plan. For the second quarter of 2026, cash flow from net
investments excluding acquisitions totaled EUR 122.6 million.
The CAPEX to sales ratio was 11.0% compared to 8.1% of sales
in Q2 2025. The higher investment level reflects planned
capacity expansions to support accelerated growth.
Free cash flow before acquisitions was EUR 307.6 million,
corresponding to an increase of EUR 0.5 million compared to
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H1 2025. In Q2 free cash flow before acquisitions was EUR
233.6 million compared to EUR 239.0 million in Q2 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.
On April 1, 2026, Novonesis acquired all shares in Plumino
Precision Fermentation Co., Ltd., that includes 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 41.3 million (net of cash) was paid in cash.
Balance sheet and equity
Total assets were EUR 16,633.0 million on June 30, 2026, an
increase of EUR 283.9 million compared to December 31, 2025.
The development was partly due to an increase in Property,
Plant and Equipment, mainly related to the acquisition of the
production plant in Thailand, and increased inventory due to
planned plant maintenance shutdown and inventory impact
from the acquisition of the Feed Enzyme Alliance.
Net interest-bearing debt was EUR 2,737.6 million on June 30,
2026, compared to EUR 2,727.8 million on December 31, 2025.
The NIBD/EBITDA ratio was 1.8x compared to 1.9x at the end
of 2025 and 2.0x at the end of the previous quarter.
Total equity was EUR 11,154.9 million on June 30, 2026,
compared to EUR 10,855.2 million on December 31, 2025,
resulting in an equity ratio of 67.1% compared to 66.4% on
December 31, 2025.
Novonesis held 2,051,982 treasury shares, or 0.4% of the total
outstanding share capital, as of June 30, 2026.
Subsequent events
As communicated on August 10, an agreement was signed to
acquire the remaining 77% of MicroBioGen, an Australian-
based yeast innovator, where Novonesis has been a minority
shareholder since 2013. The acquisition strengthens Novonesis
yeast and R&D capabilities, marking another step in the
company’s 2030 strategy and disciplined capital allocation
focus. The completion of the transaction is subject to
customary regulatory approvals, including by the ACCC
(Australia's national competition, consumer, fair trading and
product safety regulator).
The Board of Directors of Novonesis has approved an inaugural
multi-year share buyback program in a total amount of EUR 1
billion to be initiated during the second half of 2026 and
expected to be completed by the end of 2029. The program
will be initiated and executed in accordance with
authorizations granted by the Annual General Meeting.
The vast majority of the shares acquired in the program will be
cancelled whereas a smaller proportion will be used to meet
obligations arising from employee share-based incentive
programs.
Novo Holdings, the company's principal shareholder, has
informed Novonesis of its intention to participate in the share
buyback program through sales of shares, thereby maintaining
an ownership interest of approximately 25.5% of the
company's share capital following the cancellation of shares
repurchased under the program.
The share buyback program will be conducted in accordance
with Article 5 of Regulation (EU) No. 596/2014 (Market Abuse
Regulation) and Commission Delegated Regulation (EU)
2016/1052 (the Safe Harbour Rules).
Interim dividend
The Board of Directors of Novonesis has approved an interim
dividend of DKK 2.35 DKK (EUR 0.31) per share for the first half
of 2026. The dividend will be disbursed on August 27, 2026,
with August 24, 2026, as the last trading day with dividend.
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Food & Health Biosolutions
Net sales
Food & Health Biosolutions organic sales growth was 9% in the
first half of 2026, with 11% growth in Food & Beverages and
4% growth in Human Health. This includes around 3
percentage points negative effect on organic sales growth in
Food & Health Biosolutions from exiting certain countries.
Pricing contributed close to 2 percentage points and sales
synergies contributed positively to growth.
In the second quarter, Food & Health Biosolutions organic
sales growth was 9%, with 11% growth in Food & Beverages
and 4% growth in Human Health. This includes around 3
percentage points negative effect on organic sales growth in
Food & Health Biosolutions from exiting certain countries.
Pricing contributed around 2 percentage points and sales
synergies contributed positively.
Adjusted EBITDA margin
Adjusted EBITDA margin for Food & Health Biosolutions in H1
2026 was 36.2%, an increase of 10 bps compared to H1 2025,
mainly explained by sales leverage partly offset by the planned
increase in commercial resources over the course of 2025,
product mix, and currency headwinds.
In the second quarter, adjusted EBITDA margin was 36.8%, an
increase of 160 bps compared to Q2 2025, driven by the same
factors as those for the first half of the year.
Distribution of sales by sales area (H1/Q2 2026)
Food & Beverages
Food & Beverages organic sales growth was 11% in the first
half of 2026, and sales in EUR were up 7%. Organic sales growth
was impacted by around 4 percentage points negative effect
from exiting certain countries. Growth was supported by all
industries driven by higher demand for solutions for healthier
foods and cleaner labels. Strong momentum in Dairy was
driven 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. Growth across Baking, Beverages, Meat and
Plant-based solutions was mainly driven by penetration and
innovation Synergies also contributed to growth.
In the second quarter, Food & Beverages grew 11% organically,
and sales in EUR were up 8%. Organic sales growth was
impacted by around 4 percentage points negative effect from
exiting certain countries. The organic performance in the
quarter was largely driven by the same factors as for the first
half of 2026, including synergies.
Human Health
Human Health organic sales growth was 4% in the first half of
2026, and sales in EUR were up 1%. Organic sales growth
benefited from synergies whereas it was impacted negatively
by around 1 percentage point effect from exiting certain
countries. Growth was driven by strong performance in
Advanced Health & Nutrition supported by both Advanced
Protein Solutions and Early Life Nutrition, driven by HMO. The
performance in Dietary Supplements was impacted by a softer
probiotic supplements market in North America.
In the second quarter, Human Health organic sales increased
4%, and sales in EUR were up 3%. Organic sales growth
benefited from synergies whereas it was impacted by around 1
percentage point negative effect from exiting certain countries.
The organic performance in the quarter was largely driven by
the same factors as for the first half of 2026, with continued
caution in the North American dietary supplements market.
Divisional performance
Food & Beverages
Human Health
75% 25%
Food & Beverages
Organic sales growth: 11%/11%
Human Health
Organic sales growth: 4%/4%
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Sales growth
Food &
Beverages
Human Health
Food & Health
Biosolutions
Food &
Beverages
Human Health
Food & Health
Biosolutions
Organic sales growth % 11 4 9 11 4 9
Currency % (4) (3) (4) (3) (1) (2)
M&A % 0 0 0 0 0 0
Sales growth, EUR % 7 1 5 8 3 7
Q2 2026
H1 2026
EUR million
H1 2026 H1 2025 Q2 2026 Q2 2025
Food & Beverages 748.0 701.4 377.4 348.7
Human Health 251.1 248.7 128.6 125.0
Net sales 999.1 950.1 506.0 473.7
Adjusted EBITDA 361.9 342.9 186.1 166.9
Adjusted EBITDA margin % 36.2 36.1 36.8 35.2
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Planetary Health Biosolutions
Net sales
Planetary Health Biosolutions organic sales growth was 7% in
the first half of 2026, with 8% growth in Household Care and
6% growth in Agriculture, Energy & Tech. Pricing contributed
close to 2 percentage points, and sales synergies also
contributed positively to growth.
In the second quarter, Planetary Health Biosolutions increased
organic sales by 9%, with 12% growth in Household Care and
7% organic sales growth in Agriculture, Energy & Tech. Pricing
contributed around 2 percentage points and sales synergies
also contributed positively.
Adjusted EBITDA margin
Adjusted EBITDA margin for Planetary Health Biosolutions in
H1 2026 was 38.8%, an increase of 40 bps compared to H1
2025. This was driven by the Feed Enzyme Alliance acquisition
and cost synergies, partly offset by the increase in commercial
resources over the course of 2025 and currency headwinds.
In the second quarter, adjusted EBITDA margin was 38.2%, an
increase of 80 bps compared to Q2 2025, driven mainly by the
same factors as those for the first half year.
Distribution of sales by sales area (H1/Q2 2026)
Household Care
Household Care organic sales growth was 8% in the first half
of 2026, and sales in EUR were up 5%. Growth was driven by
increased market penetration, particularly with local and
regional players, and innovation across categories.
In the second quarter, Household Care grew 12% organically,
and sales in EUR were up 11%. The performance in the quarter
was largely driven by the same factors as for the first half of
2026, with particularly strong growth in emerging markets.
Agriculture, Energy & Tech
Organic sales growth in Agriculture, Energy & Tech was 6% in
the first half of 2026, and sales in EUR were up 9%, positively
impacted by 7% from the Feed Enzyme Alliance acquisition and
negatively impacted by 4% from currencies. Synergies
contributed positively to growth. The performance was driven
by double-digit growth in Energy and supported by
Agriculture. Strong growth in Energy was driven by Latin
America and Asia Pacific, reflecting increased capacity for
ethanol production. Growth in North America was strong and
driven by the adoption of innovation and growing ethanol
production volumes, supported by accelerating ethanol
exports from increasing global demand for biofuels. Growth
also benefitted from increased penetration of solutions for
biodiesel production as well as customer ramp-up of second-
generation biomass ethanol production. Growth in Agriculture
benefitted from an inventory build in Animal in the first quarter,
however Animal also delivered solid underlying performance.
Plant declined impacted by weak US farm economics making
farmers more cautious in their spending. Tech declined, driven
by order timing in biopharma processing aids and a softer
grain processing end-market.
In the second quarter, Agriculture, Energy & Tech grew 7%
organically, and sales in EUR were up 12%, positively impacted
by 6% growth from the Feed Enzyme Alliance acquisition and
negatively impacted by 1% from currencies. Synergies
contributed to growth. The performance was driven by double-
digit growth in Energy, explained by the same factors as for the
first half of 2026, and further boosted by increased global
demand for biofuels. In Agriculture, Animal performed in line
with expectations on a more difficult comparable. There was no
inventory build-up in Animal in the second quarter. Plant
declined impacted by challenging US farm economics.
Performance in Tech was driven by growth in biopharma
processing aids, while the grain processing end-market was
soft.
34% 66%
Household Care
Organic sales growth: 8%/12%
Agriculture, Energy & Tech
Organic sales growth: 6%/7%
Company Announcement no. 15 - August 19, 2026
Page 12/29
Sales growth
Household
Care
Agriculture,
Energy & Tech
Planetary
Health
Biosolutions
Household
Care
Agriculture,
Energy & Tech
Planetary
Health
Biosolutions
Organic sales growth % 8 6 7 12 7 9
Currency % (3) (4) (4) (1) (1) (1)
M&A % 0 7 5 0 6 4
Sales growth, EUR % 5 9 8 11 12 12
Q2 2026
H1 2026
EUR million
H1 2026 H1 2025 Q2 2026 Q2 2025
Household Care 425.2 403.3 209.0 187.8
Agriculture, Energy & Tech 811.2 742.7 401.2 357.0
Net sales 1,236.4 1,146.0 610.2 544.8
Adjusted EBITDA 480.3 440.5 233.1 203.7
Adjusted EBITDA margin % 38.8 38.4 38.2 37.4
Company Announcement no. 15 - August 19, 2026
Page 13/29
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 strong 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.
Starting in 2027, sales trading updates will replace the current
format of the interim announcements for Q1 and Q3.
Organic sales growth
The full-year outlook for organic sales growth is increased from
the previous 5-7% range to now 7-8%. The initial outlook for
the year included some uncertainty around consumer
sentiment for the year. However, the demand for our
biosolutions continues to be strong and coupled with the
strong year-to-date performance, we consequently increase
the guidance. The full-year outlook includes a good 1
percentage point contribution from sales synergies and a
positive contribution from price of also a good 1 percentage
point. Second half organic sales growth will also be impacted
by the reimbursement of US tariffs to customers, which will
have a minor negative effect and is included in the full-year
outlook.
The full-year organic sales growth outlook also includes close
to a 1 percentage point negative effect from exiting certain
countries, impacting H1 2026.
Organic sales growth benefitted from the timing impact
relating to the inventory build-up at a customer in the Animal
business in Q1 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 around the higher end of the Group range driven by
Food & Beverages. 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 of around 2 percentage points.
Performance in Human Health is expected to be supported by
Advanced Health & Nutrition, led by HMO and also supported
by Advanced Protein Solutions. Dietary Supplements will
continue to be affected by the cautious US supplements
market. Consequently, Human Health is expected to grow only
slightly in 2026. Revenue synergies will continue to support
growth, whereas the exit from certain countries will have a
negative effect of close to 1 percentage point for the sales area
for the year, affecting the first half of 2026.
Planetary Health Biosolutions
Planetary Health Biosolutions is indicated to deliver organic
sales growth around the lower end of the Group range
supported by both sales areas. Agriculture, Energy & Tech
growth is expected to be broad-based, led by Energy and
Agriculture. Household Care growth will be driven by increased
penetration of solutions in both developed and emerging
markets.
Adjusted EBITDA margin
The outlook for the adjusted EBITDA margin is now expected
to be at the higher end of the 37-38% range. The outlook
includes a slightly negative currency impact, 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 impact from the Feed Enzyme Alliance
acquisition materialized as expected and will contribute to the
full-year adjusted EBITDA margin around 0.25 percentage
points.
The following is provided for modelling purposes for 2026:
• Sales in reported EUR are expected to be ~0.5 percentage
point lower than the organic sales growth outlook, as
currencies at current rates are impacting negatively by
around 1.5 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 in the 12-14% range relative to
sales and 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 50 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 and other acquisition-related costs.
• NIBD/EBITDA is expected at ~1.8x times at year end.
Outlook
Company Announcement no. 15 - August 19, 2026
Page 14/29
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 half year and spot rates as of August 18 for the remainder
of the year. Compared to average exchange rates for 2025 the
USD has weakened by approximately 3% against the EUR. The
BRL has strengthened by ~4% against the EUR, while the CNY
has strengthened by ~3% against the EUR.
Net sales by currency (H1 2026)
37%
36%
5%
7%
15%
EUR
USD
CNY
BRL
Other
Company Announcement no. 15 - August 19, 2026
Page 15/29
Consolidated income statement
EUR million Note
H1 2026 H1 2025 Q2 2026 Q2 2025
Net sales 2, 3 2,235.5 2,096.1 1,116.2 1,018.5
Cost of goods sold 2 (979.1) (957.3) (494.5) (474.0)
Gross profit 2 1,256.4 1,138.8 621.7 544.5
Sales and distribution expenses (367.8) (318.6) (182.6) (164.6)
Research and development expenses (240.8) (216.9) (119.9) (109.6)
Administrative expenses (121.7) (113.9) (62.0) (55.6)
Other operating income 8.8 6.1 4.4 5.1
Operating profit (EBIT) before special items 534.9 495.5 261.6 219.8
Special items 4 (15.3) (37.5) (8.8) (27.3)
Operating profit (EBIT) 519.6 458.0 252.8 192.5
Share of result in associates (2.6) (3.8) (1.3) (2.3)
Financial items, net (38.5) (35.0) (29.9) (15.7)
Profit before tax 478.5 419.2 221.6 174.5
Tax (107.7) (96.4) (49.9) (37.7)
Net profit 370.8 322.8 171.7 136.8
Attributable to
Shareholders of Novozymes A/S 370.8 322.8 171.7 136.8
Earnings per share, EUR 0.80 0.69 0.37 0.29
Earnings per share, diluted, EUR 0.80 0.69 0.37 0.29
Condensed consolidated
interim financial statements
Company Announcement no. 15 - August 19, 2026
Page 16/29
Consolidated statement of comprehensive income
EUR million
H1 2026 H1 2025 Q2 2026 Q2 2025
Net profit 370.8 322.8 171.7 136.8
Items that may subsequently be reclassified to the income statement:
Currency translation adjustments 201.3 (481.2) 59.4 (343.7)
Cash flow hedges:
Fair value adjustments (18.2) 53.9 (9.4) 35.9
Tax on fair value adjustments 4.0 (11.8) 2.1 (7.9)
Cash flow hedges reclassified to costs of goods sold (0.9) - (0.4) -
Cash flow hedges reclassified to financial expenses (11.5) 0.4 0.1 (5.1)
Tax on reclassified cash flow hedges 2.7 (0.1) 0.2 1.1
Other comprehensive income 177.4 (438.8) 52.0 (319.7)
Comprehensive income 548.2 (116.0) 223.7 (182.9)
Attributable to
Shareholders of Novozymes A/S 548.2 (116.0) 223.7 (182.9)
548.2 (116.0) 223.7 (182.9)
Company Announcement no. 15 - August 19, 2026
Page 17/29
Consolidated statement of cash flows
On June 30, 2026, undrawn committed credit facilities amounted to EUR 940.5 million (December 31, 2025: EUR 871.4 million), which
mainly expire in 2028-2030.
EUR million Note
H1 2026 H1 2025 Q2 2026 Q2 2025
Net profit 370.8 322.8 171.7 136.8
Reversal of non-cash items 467.0 364.9 244.4 143.3
Income tax paid (47.0) (8.7) (17.0) 21.5
Interest received 9.9 11.1 5.4 4.9
Interest paid (36.6) (23.1) (13.7) (6.7)
Change in working capital (240.8) (240.5) (34.6) 20.3
Cash flow from operating activities 523.3 426.5 356.2 320.1
Investments
Purchase of intangible assets (38.6) (19.4) (24.6) (9.6)
Purchase of property, plant and equipment (177.6) (118.0) (98.5) (72.6)
Sale of property, plant and equipment 0.5 18.0 0.5 1.1
Business acquisitions, etc. 5 (51.5) (1,460.3) (51.5) (1,460.3)
Cash flow from investing activities (267.2) (1,579.7) (174.1) (1,541.4)
Free cash flow 256.1 (1,153.2) 182.1 (1,221.3)
Financing
Proceeds from issued bonds 6 1,686.3 - - -
Borrowings 41.3 1,696.7 - 1,670.1
Repayment of borrowings (1,700.2) (164.8) (158.0) (51.7)
Shareholders:
Purchase of treasury shares - (99.9) - (69.1)
Sale of treasury shares 5.6 37.7 0.8 22.5
Dividend paid (265.1) (262.4) - (262.4)
Withheld dividend tax - - (49.0) -
Cash flow from financing activities (232.1) 1,207.3 (206.2) 1,309.4
Net cash flow 24.0 54.1 (24.1) 88.1
Unrealized gain/(loss) on currencies and financial assets
included in cash and cash equivalents
9.4 (5.9) 5.6 (9.4)
Net change in cash and cash equivalents 33.4 48.2 (18.5) 78.7
Cash and cash equivalents at the beginning of the period 275.3 280.0 327.2 249.5
Cash and cash equivalents at the end of the period 308.7 328.2 308.7 328.2
Company Announcement no. 15 - August 19, 2026
Page 18/29
Consolidated balance sheet
Assets
Liabilities and equity
EUR million Note
Jun. 30, 2026 Jun. 30, 2025 Dec. 31, 2025
Goodwill 6,309.6 6,154.4 6,192.9
Other intangible assets 4,809.9 5,052.8 4,895.5
Property, plant and equipment 3,149.0 2,834.1 2,998.3
Deferred tax assets 245.1 265.7 242.2
Other financial assets 15.7 15.9 13.6
Investments in associates 14.9 20.2 17.5
Other receivables 7.6 6.1 5.9
Non-current assets 14,551.8 14,349.2 14,365.9
Inventories 836.3 799.6 772.2
Trade receivables 792.1 704.4 716.5
Contract assets 19.6 12.7 35.9
Tax receivables 6.7 27.0 46.0
Other receivables 112.9 142.8 117.0
Other financial assets 4.9 37.2 20.3
Cash and cash equivalents 308.7 328.2 275.3
Current assets 2,081.2 2,051.9 1,983.2
Assets 16,633.0 16,401.1 16,349.1
EUR million
Jun. 30, 2026 Jun. 30, 2025 Dec. 31, 2025
Common shares 125.4 125.6 125.5
Reserves and retained earnings 11,029.5 10,617.3 10,729.7
Total equity 11,154.9 10,742.9 10,855.2
Deferred tax liabilities 1,293.7 1,367.0 1,316.1
Provisions 40.3 29.1 23.5
Contract liabilities 79.0 87.0 79.9
Borrowings 6 2,831.1 2,974.7 1,303.9
Other liabilities 36.7 29.3 29.2
Non-current liabilities 4,280.8 4,487.1 2,752.6
Borrowings 6 237.3 347.0 1,701.5
Trade payables 366.3 302.1 420.8
Contract liabilities 23.2 27.8 26.0
Tax payables 150.7 126.9 116.7
Other liabilities 419.8 367.3 476.3
Current liabilities 1,197.3 1,171.1 2,741.3
Liabilities 5,478.1 5,658.2 5,493.9
Liabilities and equity 16,633.0 16,401.1 16,349.1
Company Announcement no. 15 - August 19, 2026
Page 19/29
Consolidated statement of equity
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 370.8 370.8
Other comprehensive income for the period (0.1) 209.7 (23.9) (8.3) 177.4
Total comprehensive income for the period (0.1) 209.7 (23.9) 362.5 548.2
Sale of treasury shares 5.6 5.6
Dividends paid during the period (265.1) (265.1)
Share-based payment 9.0 9.0
Tax related to equity items 2.0 2.0
Changes in equity (0.1) 209.7 (23.9) 114.0 299.7
Equity at June 30, 2026 125.4 (227.3) (15.7) 11,272.5 11,154.9
Equity at January 1, 2025 125.6 39.0 (21.0) 11,032.4 11,176.0
Net profit for the period 322.8 322.8
Other comprehensive income for the period - (479.8) 42.4 (1.4) (438.8)
Total comprehensive income for the period - (479.8) 42.4 321.4 (116.0)
Purchase of treasury shares (99.9) (99.9)
Sale of treasury shares 37.7 37.7
Dividends paid during the period (262.4) (262.4)
Share-based payment 11.7 11.7
Tax related to equity items (4.2) (4.2)
Changes in equity - (479.8) 42.4 4.3 (433.1)
Equity at June 30, 2025 125.6 (440.8) 21.4 11,036.7 10,742.9
Attributable to shareholders of Novozymes A/S
Company Announcement no. 15 - August 19, 2026
Page 20/29
1. Basis of reporting
The interim report has been prepared in accordance with IAS
34, Interim Financial Reporting, as adopted by the EU, and
additional disclosure requirements in the Danish Financial
Statements Act.
The accounting policies applied in the interim report are
consistent with those applied in the Annual Report 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 including new standards not yet effective.
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 all material
respects 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 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’.
Notes
Company Announcement no. 15 - August 19, 2026
Page 21/29
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.
*Includes PPA inventory step-up and the temporary drag on the margin from inventory buyback related to the acquisition of dsm-
firmenich’s share of the Feed Enzyme Alliance.
EUR million
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Total
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Total
Net sales 999.1 1,236.4 2,235.5 950.1 1,146.0 2,096.1
Cost of goods sold (458.2) (520.9) (979.1) (446.2) (511.1) (957.3)
Gross profit 540.9 715.5 1,256.4 503.9 634.9 1,138.8
Gross margin % 54.1 57.9 56.2 53.0 55.4 54.3
Adjusted EBITDA 361.8 480.4 842.2 342.9 440.5 783.4
Adjusted EBITDA margin % 36.2 38.8 37.7 36.1 38.4 37.4
Depreciation, amortization and
impairment losses
(307.3) (273.7)
Special items
(15.3) (37.5)
PPA inventory adjustments* - (14.2)
Operating profit (EBIT) 519.6 458.0
Share of result in associates (2.6) (3.8)
Financial items, net (38.5) (35.0)
Profit before tax 478.5 419.2
H1 2026
H1 2025
EUR million
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Total
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Total
Net sales 506.0 610.2 1,116.2 473.7 544.8 1,018.5
Cost of goods sold (233.2) (261.3) (494.5) (224.1) (249.9) (474.0)
Gross profit 272.8 348.9 621.7 249.6 294.9 544.5
Gross margin % 53.9 57.2 55.7 52.7 54.1 53.5
Adjusted EBITDA 186.1 233.1 419.2 166.9 203.7 370.6
Adjusted EBITDA margin % 36.8 38.2 37.6 35.2 37.4 36.4
Depreciation, amortization and
impairment losses
(157.6) (136.6)
Special items
(8.8) (27.3)
PPA inventory adjustments* - (14.2)
Operating profit (EBIT) 252.8 192.5
Share of result in associates (1.3) (2.3)
Financial items, net (29.9) (15.7)
Profit before tax 221.6 174.5
Q2 2026
Q2 2025
Company Announcement no. 15 - August 19, 2026
Page 22/29
2. Segments (continued)
Geographical distribution of net sales
The geographical distribution of net sales is based on
the country in which the goods are delivered.
3. Net sales
4. Special items
EUR million
H1 2026 H1 2025 Q2 2026 Q2 2025
Denmark
23.2 23.9 11.7 9.2
Rest of Europe, Middle East & Africa 763.7 743.3 372.9 364.0
North America 681.0 672.4 344.2 328.4
Asia Pacific 430.7 399.4 213.4 191.8
Latin America 336.9 257.1 174.0 125.1
Net sales 2,235.5 2,096.1 1,116.2 1,018.5
Developed markets 1,377.3 1,342.4 676.1 653.0
Emerging markets 858.2 753.7 440.1 365.5
Net sales 2,235.5 2,096.1 1,116.2 1,018.5
EUR million
H1 2026 H1 2025 Q2 2026 Q2 2025
Food & Health Biosolutions
Food & Beverages 748.0 701.4 377.4 348.7
Human Health 251.1 248.7 128.6 125.0
999.1 950.1 506.0 473.7
Planetary Health Biosolutions
Household Care 425.2 403.3 209.0 187.8
Agriculture, Energy & Tech 811.2 742.7 401.2 357.0
1,236.4 1,146.0 610.2 544.8
Net sales 2,235.5 2,096.1 1,116.2 1,018.5
EUR million H1 2026 H1 2025 Q2 2026 Q2 2025
Integration costs related to the combination with Chr. Hansen (9.7) (9.8) (5.0) (6.3)
- -
Transaction and integration costs related to the acquisition of
dsm-firmenich’s share of the Feed Enzyme Alliance
(0.3) (24.2) (0.2) (19.4)
- -
Implementation of a new global ERP system for the combined business (4.0) (3.1) (2.3) (1.2)
- -
Impairment of intangible assets and other expenses due to discontinuation
of the activities in Russia
- (0.4) - (0.4)
Costs related to the acquisition of a production facility in Rayong, Thailand (1.3) - (1.3) -
Special items (15.3) (37.5) (8.8) (27.3)
Company Announcement no. 15 - August 19, 2026
Page 23/29
5. Business acquisitions
Acquisitions in 2026
On April 1, 2026, Novonesis acquired of all shares in Plumino
Precision Fermentation (Thailand) Co., Ltd. and the related
intellectual property rights. The total consideration of EUR 41.3
million (net of cash) was paid in cash.
The company includes a production facility in Rayong, Thailand
with advanced fermentation capabilities that can be further
expanded to support our growth journey, including the
production of HMO (human milk oligosaccharides). Novonesis
plans to invest further in the facility over the coming years to
maximize its potential and establish a strong operational setup.
The production site is expected to be commercially operational
in 2027.
The acquisition has been accounted for as a business
combination using the acquisition method under IFRS 3.
The fair value and purchase price allocation to identifiable
assets and liabilities of the company is provisional pending final
valuations and analysis. The purchase price has provisionally
been allocated to identifiable assets and liabilities, primarily
property, plant and equipment of EUR 48.2 million, cash and
cash equivalents of EUR 25.6 million and provisions and other
liabilities of EUR 11.5 million; mainly related to the production
facility and the around 200 employees at the acquisition date.
The provisional purchase price allocation did not result in
recognition of goodwill.
The acquisition had an immaterial impact on the reported net
sales and net profit during the period from April 1 to June 30,
2026. On a pro forma basis, the contribution from the company
would not be significantly different if the acquisition had been
completed on January 1, 2026.
Acquisition related costs of EUR 1.3 million was recognized in
Special items.
Provisional fair value recognized at the acquisition date April 1, 2026:
In H1 2026, cash flow from business acquisitions etc., included additional EUR 10.2 million related to deferred consideration from
prior business acquisitions and acquisitions of minority investments.
EUR million
Production
facility in
Rayong,
Thailand
Assets
Other intangible assets 1.5
Property, plant and equipment 48.2
Deferred tax assets, net 1.5
Inventories and other receivables 1.6
Cash and cash equivalents 25.6
Assets 78.4
Liabilities
Provisions and other liabilities (11.5)
Liabilities (11.5)
Acquired net assets 66.9
Purchase price
Cash consideration 66.9
Purchase price 66.9
Cash consideration (net of cash) 41.3
Company Announcement no. 15 - August 19, 2026
Page 24/29
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.
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 June 30, 2026, the fair value of the bonds is approximately
EUR 1,716.0 million (level 1). For the remaining financial
liabilities measured at amortized cost, the carrying amounts
approximate fair value.
7. Events after the reporting date
As communicated on August 10, an agreement was signed to
acquire the remaining 77% of MicroBioGen. MicroBioGen is an
Australian-based yeast innovator, where Novonesis has been a
minority shareholder since 2013. The completion of the
transaction is subject to customary regulatory approvals,
including by the ACCC (Australia's national competition,
consumer, fair trading and product safety regulator).
As communicated on August 19, the Board of Directors of
Novonesis has approved an inaugural multi-year share
buyback program in a total amount of EUR 1 billion to be
initiated during the second half of 2026 and expected to be
completed by the end of 2029.
No other events have occurred subsequent to June 30, 2026,
which could have a significant impact on the condensed
consolidated interim financial statements.
EUR million
Jun. 30, 2026 Dec. 31, 2025
Bonds 1,686.8 -
Credit institutions 987.7 2,633.1
Mortgage debt 179.8 180.4
Lease liabilities 192.0 189.6
Derivatives 22.1 2.3
Borrowings 3,068.4 3,005.4
Recognized in the balance sheet as follows:
Non-current 2,831.1 1,303.9
Current 237.3 1,701.5
Borrowings 3,068.4 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. 15 - August 19, 2026
Page 25/29
Statement by 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
June 30, 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 June 30, 2026, as well as of the
results of the Group’s operations and consolidated cash flows
for the period January 1 to June 30, 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, August 20, 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. 15 - August 19, 2026
Page 26/29
Financial definitions and ratios
Financial ratios have been prepared in accordance with the
guidelines from the Danish Society of Financial Analysts and
supplemented by certain key ratios for Novonesis.
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:
*Includes PPA inventory step-up and the temporary drag on the margin from inventory buyback related to the acquisition of dsm-
firmenich’s share of the Feed Enzyme Alliance.
EUR million
H1 2026 H1 2025 Q2 2026 Q2 2025
Gross profit 1,256.4 1,138.8 621.7 544.5
PPA depreciation and amortization 78.8 77.8 41.3 37.9
PPA inventory adjustments* - 14.2 - 14.2
Adjusted gross profit 1,335.2 1,230.8 663.0 596.6
Adjusted gross margin % 59.7 58.7 59.4 58.6
EUR million
H1 2026 H1 2025 Q2 2026 Q2 2025
Operating profit (EBIT)
519.6 458.0 252.8 192.5
Amortization
172.5 148.2 86.8 75.4
Depreciation
134.8 125.5 70.8 61.2
Special items
15.3 37.5 8.8 27.3
PPA inventory adjustments*
- 14.2 - 14.2
Adjusted EBITDA
842.2 783.4 419.2 370.6
Adjusted EBITDA margin %
37.7 37.4 37.6 36.4
EUR million
H1 2026 H1 2025 Q2 2026 Q2 2025
Operating profit (EBIT) 519.6 458.0 252.8 192.5
Special items 15.3 37.5 8.8 27.3
PPA inventory adjustments* - 14.2 - 14.2
Adjusted EBIT 534.9 509.7 261.6 234.0
Adjusted EBIT margin % 23.9 24.3 23.4 23.0
Company Announcement no. 15 - August 19, 2026
Page 27/29
Non-IFRS financial measures (continued)
*Includes PPA inventory step-up and the temporary drag on the margin from inventory buyback related to the acquisition of dsm-
firmenich’s share of the Feed Enzyme Alliance.
EUR million
H1 2026 H1 2025 Q2 2026 Q2 2025
PPA depreciation, amortization and impairment losses by function
Cost of goods sold (78.8) (77.8) (41.3) (37.9)
Sales and distribution expenses (57.2) (34.6) (28.7) (19.4)
Research and development expenses (22.5) (20.4) (11.2) (10.4)
PPA depreciation, amortization and impairment losses (158.5) (132.8) (81.2) (67.7)
EUR million
H1 2026 H1 2025 Q2 2026 Q2 2025
Net profit attributable to the shareholders of Novozymes A/S
370.8 322.8 171.7 136.8
Special items
15.3 37.5 8.8 27.3
PPA inventory adjustments*
- 14.2 - 14.2
Tax impact
(2.0) (8.6) (1.1) (8.4)
Adjusted net profit
384.1 365.9 179.4 169.9
PPA depreciation and amortization
158.5 132.8 81.2 67.7
Tax impact
(35.5) (30.7) (18.3) (15.5)
Adjusted net profit exluding PPA
507.1 468.0 242.3 222.1
Average number of diluted shares, million
467.2 467.8 467.3 467.7
Adjusted earnings per share, diluted, EUR
0.82 0.78 0.38 0.36
Adjusted earnings per share excluding PPA, diluted, EUR
1.09 1.00 0.52 0.47
EUR million
H1 2026 H1 2025 Q2 2026 Q2 2025
Cash flows from operating activities 523.3 426.5 356.2 320.1
Cash flows from investing activities (267.2) (1,579.7) (174.1) (1,541.4)
Free cash flow 256.1 (1,153.2) 182.1 (1,221.3)
Cash flows from business acquisitions, etc. 51.5 1,460.3 51.5 1,460.3
Free cash flow before acquisitions and divestments 307.6 307.1 233.6 239.0
Company Announcement no. 15 - August 19, 2026
Page 28/29
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. 15 - August 19, 2026
Page 29/29
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